RIYADH: Al Masane Al Kobra Mining Co., also known as Amak, is planning to boost its production of copper and zinc in 2023, CEO Yahia AlShangiti told Argaam.
The plan entails expanding Al Masane mine’s production output for copper by 40 percent and zinc by 80 percent by the end of next year, he noted.
According to the executive, Amak’s commodities highly contribute to its revenues, as copper accounted for nearly 38 percent of sales, while zinc, gold, and silver contributed 27, 34, and 1 percent, respectively, by the end of June.
Most recently, the Saudi-listed miner announced its intention to hike capital by SR240 million ($64 million) to SR900 million through the issuance of bonus shares.
Commenting on the capital raise plan, AlShangiti said it aims to support Amak’s financial position according to its strategy, expansion, and growth.
