Company Profile

Company overview

The main purpose of the company is to practice and implement various aspects and stages of activities related to the mining industry including the development of the mining industry and its supply chains, products and related industries, not including petroleum and natural gas. The company may take all necessary legal procedures to achieve its objectives, including, without limitation, the following: Obtaining all licenses in accordance with the Mining Investment Law, exercising the rights conferred by those licenses and undertaking the imposed obligations. Importing equipment related to the mining industry, either directly or through third parties. Establishing, operating, maintaining, developing and managing mines, mining and manufacturing projects, and other facilities necessary to achieve the company''s objectives inside or outside the Kingdom. Wholesale and retail trade, direct trade and marketing of its products, including ready-to-use products such as jewelry, trinketry, gemstones and their raw materials. The company shall practice and implement the following objectives: Production of silver and gold bars, Production of Copper Concentrates, Production of Zinc Concentrates, Extraction of granite, Extraction of Nickel condensate, Extraction of Lead Condensate, Manufacture of Granite, Rock blasting, Establishment of factories for the production of tiles and various building materials, Extraction of industrial minerals and iron ore, Gold purification, Production of phosphoric acid and fertilizers. The Company shall practice and implement its objectives in accordance with the applicable laws and after obtaining the necessary licenses from the competent authorities, if any.

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 Corr. 21 October 2007 and registered in Jeddah under Commercial Registration No. 4030175345 on 7 Muharram 1429H Corr. 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 Corr. 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 Corr 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 Corr. 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 a 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 Corr. to 8 September 2015 for twenty years and expiring on 23 Duh Al Qidah 1456H Corr. 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 of 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. As of 1st of August 2023, the Extraordinary General Assembly approved the capital increase from SAR 660,000,000 to SAR 900,000,000 and the legal formalities have been completed.

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.