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Image used for illustrative purpose. An employee unloads copper at a factory in Nantong, Jiangsu province, June 18, 2011. Premiums in Chinese copper markets rallied to their highest in almost three years this week as robust demand met tight local supply, industry sources said, although levels could ease slightly near term. China Daily, Reuters
Al Masane Al Kobra Mining Company (AMAK) has signed a new multi-year offtake contract with Swiss commodity trading and mining company Glencore International AG to sell all its zinc and copper concentrates produced from mining operations in Saudi Arabia.
As part of the agreement, Glencore will provide mining technical services to achieve maximum value from the product flow and improve production efficiency, the company said in a statement on the Saudi stock exchange.
The delivery of copper and zinc concentrates will start immediately and continue for 24 months. The contract can be renewed on a mutual agreement.
Earlier this month, AMAK won the exploration license for gold, zinc and copper from the Ministry of Industry and Mineral Resources for Dhahran Al-Janub governorate in Aseer region.
(Writing by D Madhura; Editing by Anoop Menon)
