Company Profile

Company overview

Producing silver and gold bars and alloys, producing copper concentrates, zinc concentrates, extracting granite, nickel condensates, lead condensates, manufacturing of granite, blasting rocks, and establishing factories for the production of tiles and various building materials

Company History

Al Masane Al Kobra Mining Company AMAK is a Saudi Closed Joint Stock Company approved by the Ministry of Commerce and Investment Decree Number 247 Q dated 9 Shawwal 1428H corresponding to 21 October 2007 and registered in Jeddah under Commercial Registration No. 4030175345 on 7 Muharram 1429H corresponding to 16 January 2008. During 2015, the head office of the Company was moved from Jeddah to Najran. Accordingly, Najran Commercial Registration No. 5950017523 dated 3 Duh Al Qidah 1431H corresponding to 11 October 2010 was modified to be main Commercial Registration. During the year, the Company obtained commercial registration number 5950123986 dated 22 Dhu Al Hijjah 1442H corresponding to 1 August 2021 of a new branch in Najran. The registered office is located at P.O. Box 96, Najran, Kingdom of Saudi Arabia. The Company is engaged in mining of nonferrous metal ores aluminium, copper and lead, mining of ores of precious metals belonging to gold, silver and platinum group, and wholesaling precious metals and gemstones. The Company commenced its commercial production on 1 July 2012. The principal activity of the Company is to produce zinc and copper concentrates and silver and gold dore as per the license Number 86/Q dated 13 Ramadhan 1429H corresponding to 13 September 2008 issued by Ministry of Industry and Mineral Resources and expiring on 29 Duh Al Qidah 1443H corresponding to 28 June 2022. During the year, the Company renewed the license for further thirty years with license number 142941, starting from 30 June 2022 corresponding to 1 Dhu Al Hijjah 1443H. In addition, the Company obtained the license number 9598 Q dated 24 Duh Al Qidah 1436H corresponding to 8 September 2015 for twenty years and expiring on 23 Duh Al Qidah 1456H corresponding to 2 February 2035 from the Ministry of Industry and Mineral Resources for the exploitation of gold and silver dores from accompanying site Mount Guyan Surface. As at the reporting date, the Company has two mines namely Al Masane underground mine and Mount Guyan mine 2020 same. During the year, the Company has planned to expand its current activity by further developing the Moyeath orebody development project for the purpose of increasing the productive capacity of Al Masane underground mine. During the year, the Company commenced the process for Initial Public Offering IPO and Capital Market Authority CMA approval was obtained in this regard on 22 December 2021 corresponding to 18 Jumada Al Ula 1443H. Further, on 18 November 2021 corresponding to 13 Rabi Al Thani 1443H, the shareholders of the Company, in an extraordinary general meeting, passed a resolution about the increase in the Company share capital from SR 563,288,650 to SR 660,000,000 as part of the IPO process. The legal formalities have been completed on 23 March 2022 and the capital was increased accordingly.

Company Bylaws

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Equity Profile

Investment limits

There are no investment limits on the company shares as per the amended rules for Qualified Foreign Financial Institutions Investment in Listed Securities and Instructions for the Foreign Strategic Investors Ownership in Listed Companies based on company bylaw and the issued instructions by the related regulators and supervisory authorities.