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Almasane Alkobra Mining Co. (AMAK) announcement of the previously announced developments regarding Almasane Mine expansion project (Moyeath orebody development
| Element List | Explanation |
|---|---|
| Previous Announcement | On 24/12/2023 AD ,Almasane Alkobra Mining Company (AMAK) announced the start of readiness tests to operate Moyeath processing plant, which was expected to continue during Q1 2024 AD. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-12-24 Corresponding to 1445-06-11 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Almasane Alkobra Mining Company (AMAK) is pleased to announce to its valuable shareholders that Almasane mine expansion project (development of the Moyeath orebody) construction phases and the hot commissioning of the new processing plant have been almost completed as scheduled. The first Zinc and Copper concentrate cakes were successfully produced at the new Moyeath Plant on March 25, 2024 AD. The full commercial production capacity is expected to be during Q3 2024. It is worth mentioning that the new plant is equipped with advanced technology and processes to increase the production volume estimated of Zinc by 80% and Copper by 40%, with associated quantities of Gold and Silver, in addition to reducing production costs and enhancing efficiency and quality. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | No material changes in the cost than what was previously announced. |
| Additional Information | Percentage of fulfilled achievement:95% The company will announce any significant developments in this regard. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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