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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 |
|---|---|
| Introduction | Almasane Alkobra Mining Company (AMAK) announces that they started the operational readiness tests for the new processing plant during December 2023, however, these tests are not expected to be finished by the end of Q4 2023 as previously announced, and they are expected to continue during Q1 2024. However, this delay in operational readiness tests is not expected to affect the previously announced time for initial commercial production which is expected to take place during Q1 2024 AD. |
| Previous Announcement | Almasane Alkobra Mining Company (AMAK) announcement of the previously developments announced regarding Al Masne Mine expansion project (Moyeath orebody development), about the expected experimental tests and the initial commercial production of the new processing plant which published on 23/07/2023 AD and the amended announcement published on 30/07/2023. The company previously announced on 30/07/2023 that the expected time for experimental tests will be at the end of the Q4 2023 AD. and the expected time for initial commercial production will be during the first quarter of 2024 AD. |
| Date of Previous Announcement on Tadawul's Website | 2023-07-23 Corresponding to 1445-01-05 |
| Percentage of fulfilled achievement | 85% |
| Event's Expected Completion Date | End of Q1 2024. |
| Reasons for Exceeding the Announced End Date | The reasons for exceeding the announced end date are: 1- Late delivery of fabricated steel from the supplier. 2-Late Delivery of Piping Material. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | No material change in the cost than what was previously announced. |
| Impact of the Delay on the Company's Financial Results | N/A |
| Additional Information | 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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