Kingdom Of Saudi Arabia

Building 7847 Unit.2 Najran 66244-3181

info@amak.com.sa

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09 Sep, 24

AMAK announces the launch of its strategic plan until the end of 2025

AMAK announces the launch of its strategic plan until the end of 2025

AMAK Company announced the launch of its strategic growth plan until the end of 2025, which aims to consolidate its position in the mining industry in line with the Kingdom’s Vision 2030 for economic diversification and sustainable development.

"AMAK" said in a statement to the Saudi Stock Exchange today, Monday, that the approved strategic growth plan until 2025 is based on a number of qualitative initiatives that aim to activate the currently available growth opportunities by expanding development operations for a number of existing sites and mines in a way that enhances their productivity and raises their operational efficiency, and expanding exploration operations in all new sites.

The new initiatives are based on two main axes, the first of which is to activate existing growth opportunities, and includes the development of gold deposits at the Katina site: The gold deposits of this site extend over a distance of 1.5 kilometers, which provides a great opportunity to enhance the company’s gold production. Production from the gold deposits is expected to begin within a period not exceeding 6 months from obtaining the mining license, which is in its final stages and we expect it to be issued during 2024.

This axis also includes expanding and developing sub-sites: developing and starting production from excavation sites such as the Sukari site, to supply the gold processing plant at the Qian site, as the exploration and mining licenses in Qian, including the Aqeeq site, contain several shallow deposits that can enhance the operational life of the Qian gold factory.

AMAK intends to conduct assessments to determine the level of gold deposits at the new migration site as an additional source of raw metal.

The current growth opportunities include underground mining at Qian mines. Underground mining operations at Qian mine are scheduled to commence by Q2 2025 to supply the Qian gold plant, which is expected to reduce the cost of gold production by US$400 per ounce, as underground mining reserves have higher purity grades and mining costs are significantly lower than deep surface mining operations.

The company is also working on developing the Naham iron oxide project, and starting the production of iron oxide ore from the Naham mine within 3 months of the issuance of the mining license. It is in its final stages and is expected to be issued by the end of this year.

This mine contains more than 7 million tons of resources to meet the local demand for this raw material used in the cement industry, as the local consumption of cement factories exceeds one million tons annually.

The company is working to expand the dry waste storage capacity by the end of 2025 to accommodate all future mineable reserve waste in a number of sites including: Factories, Qian, Katina, and other sub-sites.

The second axis of new initiatives focuses on creating new opportunities for growth. The strategic growth plan focused on a set of initiatives that aim to create a set of new projects in order to expand the scope of companies’ operations in new markets and sectors, in addition to raising levels of sustainability and achieving higher levels of operational efficiency.

AMAK has decided to establish a wholly owned limited liability drilling company dedicated to accelerating the exploration program for AMAK’s existing 21 licenses, including 17 base metal licenses covering an area of ​​1,296.4 square kilometers - two licenses for industrial minerals quartz, manganese and silica covering an area of ​​110.91 square kilometers - two licenses for gold, copper, zinc and silver mining covering an area of ​​52.48 square kilometers. This company will also provide drilling and related services to other customers in the Kingdom.

The company will work to obtain additional promising exploration licenses through bidding, which will be offered by the Ministry of Industry and Mineral Resources in the future, and begin exploration in the new industrial mineral concessions that have been obtained, which are silica, manganese and quartz, and connect the “AMAK” facilities to the public electricity grid, which will lead to reducing diesel consumption and improving the company’s carbon footprint.

26 Aug, 24

The participation of Almasane Alkobra Mining Company (AMAK) in the activities of the Badr Al-Janoub Summer Festival 2024 AD.

The participation of Almasane Alkobra Mining Company (AMAK) in the activities of the Badr Al-Janoub Summer Festival 2024 AD.

Under the generous patronage of His Highness Prince JiluwiBin Abdulaziz Bin Musaed Al Saud, Governor of the Najran region, the activities of the Badr Al-Janoub Summer Festival 2024 were launched on Thursday, August 22, 2024, in Prince Mishaal bin Saud Park in the governorate.

His Highness toured the exhibitions accompanying the events, which included corners and pavilions representing the governorates of Badr Al-Janoub, Habona, and Thar, where he viewed a variety of agricultural, industrial, handicraft, and heritage products that these governorates are known for. In addition, he was informed about the health and social services provided to members of the community.

His Highness Prince JiluwiBin Abdulaziz Bin Musaed Al Saud, may God protect him, also visited the exhibition held by the AlmasaneAlkobra Mining Company (AMAK), where he viewed the products from the company's mines and some samples explored in the region. His Highness expressed his great admiration and interest in the mining industry in the region, praising the efforts made to enhance this vital sector, which significantly contributes to achieving sustainable development and supporting the national economy. He also expressed his appreciation for the role of local companies, such as the AlmasaneAlkobra Mining Company (AMAK), in responsibly and sustainably discovering and exploiting natural resources.

We, at the AlmasaneAlkobra Mining Company (AMAK), extend our sincere thanks and appreciation to His Highness Prince JiluwiBin Abdulaziz Bin Musaed Al Saud, may God protect him, for his continuous support and interest in developing the mining sector in the region, which serves as a great incentive for us to achieve more accomplishments and contribute to the prosperity of our region and our beloved country.

24 Aug, 24

The Minister of Industry and Mineral Resources during his meeting with investors at the Najran Chamber of Commerce

The Minister of Industry and Mineral Resources during his meeting with investors at the Najran Chamber of Commerce

His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al- Khorayef, met with investors at the Najran Chamber on August 21, 2024. Almasane Alkobra Mining Company (AMAK) attended this meeting, where His Excellency highlighted that the industry and mining system provides over 120 opportunities and incentives for developing industrial and mining projects.

His Excellency emphasized that these initiatives are designed to help investors capitalize on promising opportunities and overcome any challenges they may face in their investment journey.

The Minister also underscored the efforts to advance the mining sector in the Kingdom, including the development of the mining sector in the Najran region. This area features 27 mining complexes covering 5,475 square kilometers, 4 mineral reserve sites spanning 70 square kilometers, and 71 active mining licenses.

During the meeting, representatives from the industry and mining system offered advisory sessions to investors and reviewed the unique opportunities provided by the National Industrial Strategy and the comprehensive Mining Sector Strategy of the Kingdom.

08 Aug, 24

Eng. Savas Sahin, Board Member and Chairman of the Executive Committee at Almasane Alkobra Mining Co. (AMAK), said revenues during the second quarter of 2024 increased by SAR 83 million (70%) compared to the same period of 2023.

AMAK sees better results in Q3: Board Member

Eng. Savas Sahin, Board Member and Chairman of the Executive Committee at Almasane Alkobra Mining Co. (AMAK), said revenues during the second quarter of 2024 increased by SAR 83 million (70%) compared to the same period of 2023.

He told Argaam that this growth was driven by higher production volume due to better operational performance.

"Overall, our copper and zinc revenues were 91% and 159% higher, respectively, compared with last year," Sahin noted, adding that the company's production is expected to be better than Q2 and the financial performance depends on the realized metal prices in Q3.

In Q2 2024, AMAK produced 63% more copper concentrate and 58% more zinc concentrate than last year, thanks to its second base metal mine, Moyeath Process Plant, being commissioned in this quarter.

"Gold production stayed almost in line with last year (only 4% lower) but higher gold prices helped us beat last year’s gold revenues," Sahin said, adding that revenue from gold increased by SAR 2.3 million.

Although gold prices increased by 11% year-on-year (YoY), it was partly offset by a 4% decrease in quantities sold during current quarter.

Net profit during the second quarter increased by SAR 51 million compared to a year earlier, driven by a SAR 55 million rise in gross profit, thanks to better controlling of costs, with a decrease in general and administrative expenses and finance costs despite higher selling and marketing expenses as well as tax and Zakat charges.

31 Oct, 23

In addition to the developmental role played by AMAK to serve and develop the local community, Eng. Yahiya bin Mohammad Al-Shangiti..


Media Center

In addition to the developmental role played by AMAK to serve and develop the local community, Eng. Yahiya bin Mohammad Al-Shangiti, AMAK’s CEO & the Chairman of the Board of Directors of Shabib Rahma Association, Mr. Ayed Naji Dhafer Al Mutlaq, met yesterday, Monday, October 30, 2023, on a visit to AMAK’s site in Thaar Governorate in Najran Region, to discuss ways of cooperation to serve the association's beneficiaries of people of determination and the elderly.

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