https://arab.news/pk97j
RIYADH: Saudi firm Al-Masane Al-Kobra Mining Co. will focus on gold deposit production and operational expansion as part of a growth plan to strengthen its industry position through 2025.
This effort is to ensure ongoing operational excellence and boost production capacity, thereby creating value for all stakeholders and benefiting the local community, the company said on Tadawul.
A central component of the strategy is the development of the Khutainah project. This undertaking is set to play a pivotal role in advancing gold deposit production and will involve expanding operations at nearby sites, including Sukari 1, Sukari 2, and Al Aqiq.
By focusing on these key areas, the mining company, also known as AMAK, aims to significantly enhance its production capabilities and reinforce its position in the industry.
Saudi Arabia is strategically positioning itself to become a major player in the mining sector, with its mineral wealth estimated to be worth SR9.4 trillion ($2.4 trillion).
The emphasis on economic diversification – known as Vision 2023 – has elevated the industry as a central component of national development plans.
Mining is pivotal in the Kingdom’s efforts to steer away from oil dependency, focusing on tapping into substantial reserves of phosphate, gold, copper, and bauxite.
Additional primary aspects of the strategy include improving operational efficiency and infrastructure, initiating underground mining at the Guyan Gold Mine, and starting iron oxide production at the Nuham site within three months of the license issuance, which is currently in its final stages.
AMAK will establish a new drilling and exploration company to support its future growth and build new facilities to increase the storage capacity for dry tailings using safe, sustainable, and environmentally friendly methods.
The firm will also strengthen its portfolio by acquiring additional exploration permits for promising base and precious metal sites and expand activities to include the exploration and mining of industrial minerals.
As part of its sustainability efforts, AMAK has begun linking its facilities to the national electricity grid to cut carbon emissions and boost operational efficiency.
Located in the Najran region of Saudi Arabia, the private mining firm received a gold exploration permit from the Ministry of Industry and Mineral Resources to carry out activities in an area spread over 78.07 sq. km.
AMAK also received two additional licenses to carry out exploration of zinc and copper in an area spanning over 138.64 sq. km in Najran. These permits will be valid until April 25, 2028.
The company said it is all set to carry out the relevant studies within the regulatory period to ensure the availability of the raw materials.
Since its inception in 2008, AMAK has highlighted adopting a long-term advanced business strategy based on the research and sustainable growth of its technical and operational infrastructure to support its various activities.