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Almasane Alkobra Mining Company (AMAK) announces the signing of a consortium agreement with Asas Mining Company LLC and Arab Mining Company Fujairah LLC
| Element List | Explanation |
|---|---|
| Memorandum Signing Date | 2025-04-10 Corresponding to 1446-10-12 |
| Counterparty | Asas Mining Company LLC, and Arab Mining Company Fujairah LLC |
| Memorandum Subject | The agreement aims to form a strategic consortium to compete in the bidding issued by the Ministry of Industry and Mineral Resources for the study, development, and exploitation of mineral resources (copper, zinc, gold, silver, and lead) at the "Nuqrah VMS Belt" bidding under the ninth round of the mining bids. In the event that the mining bidding is awarded to the consortium, and after obtaining the necessary regulatory approvals from all relevant authorities, a joint venture company will be established with ownership percentages as follows: 60% for Asas Mining LLC 20% for Almasane Alkobra Mining Company (AMAK) 20% for Arab Mining Company, Fujairah LLC This strategic consortium aims to capitalize on promising opportunities to enhance the company’s presence in the mining market, expand its operations in exploration, development, and the mining of strategically valuable resources with high economic feasibility. Among the other objectives of this consortium is to benefit from the partners technical expertise and financial capability, build effective partnerships that contribute to achieving sustainable growth goals, and enhance the added value for the company’s shareholders in the long term. |
| Memorandum Duration | This agreement is effective until the mining bid issued by the Ministry of Industry and Mineral Resources for the ninth round of the mining bids is awarded to the consortium. The agreement will automatically terminate if the consortium does not win the bid or upon the establishment of the Joint Venture. |
| Related Parties | It is worth noting that Asas Mining Company is considered a related party, due to the direct interest and competing business of several members of AMAK’s Board of Directors in the company, as follows: -Engr. Mohammed M. Aballala, owner and member of the Board of Directors of Asas Mining Company. -Mr. Ibrahim A. bin Musallam, owner and Chairman of the Board of Directors of Asas Mining Company. -Mr. Majid A. bin Musallam, owner and member of the Board of Directors of Asas Mining Company. Arab Mining Company (Fujairah), which is wholly owned by Arab Mining Company (Jordan), is also considered a related party, due to the indirect interest and competing business of several members of AMAK’s Board of Directors, as follows: -Engr. Mohammed Ahmed Alshehhi, who serves as Chairman of the Board of Directors of Arab Mining Company (Fujairah), in addition to his role as Chairman of the Board of Directors of Arab Mining Company (Jordan). -Engr. Fekry Youssef, who serves as a Board Member of Arab Mining Company (Jordan). Note: The related parties were excluded from participating in the vote on the recommendation to sign the consortium agreement. |
| Financial Impact | The financial impact of the agreement cannot be determined until the mining competition is finalized and detailed agreements and contracts are drafted. |
| Additional Information | It's note worthy that Asas Mining Company, based in Jeddah, was established in 2011 and has numerous investments in the mining and quarrying sector. In addition, the Arab Mining Company - Fujairah, situated in the Emirate of Fujairah within the United Arab Emirates, is wholly owned by the Arab Mining Company (a pan-Arab shareholding company). This company's expertise lies in mining and industrial investments, coupled with its commitment to research, development, and the execution of diverse mining extractive and industrial mining projects at the forefront of which is the project for producing basalt fibers and rebar in the Emirate of Fujairah. The company will announce any major 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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