The Saudi Ministry of Industry and Mineral Resources has licensed Almasane Alkobra Mining Company (Amak) to explore gold, zinc, and copper in Aseer province.

Under the licence that was issued on 2 January 2023, Amak will explore an area of 20.67 square kilometres in Dhahran Al Janub, according to a recent bourse filing.

Meanwhile, the Tadawul-listed company will perform the required exploratory studies to ensure the availability of the needed raw materials for the mining process.

The Saudi firm will disclose any further developments, including the financial impact, regarding the licence after conducting the exploration work and studies.

It is worth noting that the licence is valid until 8 November 2027.

In the first nine months (9M) of 2022, Amak logged net profits after Zakat and tax worth SAR 104.82 million, lower by 22.10% year-on-year (YoY) than SAR 134.57 million.

Revenues went up by 3.24% to 427.90 million in 9M-22 from SAR 414.45 million in 9M-21, whereas the earnings per share (EPS) shrank to SAR 1.70 from SAR 2.45.