IssuerAnnouncementDetailsV2Portlet
Almasane Alkobra Mining Company (AMAK) update to the previous announcement regarding Al Masane Mine Expansion Project (Moyeath orebody development)
Element List | Explanation |
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Previous Announcement | Almasane Alkobra Mining Company (AMAK) announced previously, 26/03/2024 AD, the start of commissioning of the new processing plant (Moyeath Plant). In that announcement, AMAK stated that the first quantity of Zinc and Copper concentrates had been successfully produced on 25/03/2024 AD and that it is expected to reach full commercial production capacity during the third quarter of 2024 AD. |
Date of Previous Announcement on Saudi Exchange’s Website | 2024-03-26 Corresponding to 1445-09-16 |
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 on 15/09/2024 AD, the Al Masane Mine Expansion Project (development of the Moyeath orebody and related processing plant) has been successfully completed and that commercial production is declared as of 15/09/2024 AD. The new plant is designed to process approximately 400,000 Tonnes annually. The new processing plant features advanced techniques and technology to enhance the efficiency and quality of products, leading to increase in the production quantities of zinc and copper concentrates by approximately 80% and 40% respectively with lower production costs. |
Reasons For The Delay on The Date of The Event Previously Announced | N/A |
The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
Delay consequences on the Company’s financial results | N/A |
Additional Information | The new processing plant is a key milestone in achieving the company’s strategy to develop and increase the production of zinc and copper concentrates. This plant reflects the company’s commitment to utilizing mining resources more effectively. Through advanced technology and innovative techniques, the plant will contribute to enhancing production and efficiency, which in turn helps achieve the company’s sustainable growth objectives. The financial impact of commercial production will be reflected in the Company's financial results in the third quarter of the current year 2024 on a pro-rata basis. |
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.