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Almasane Alkobra Mining Company (AMAK) has been awarded the exploration license for gold, zinc and copper from the Ministry of Industry and Mineral Resources, the company said in a statement to the Saudi stock exchange.
The license was issued for a total area of 20.67 square kilometres in Dhahran Al-Janub governorate in Aseer region.
The license is valid from 2 January 2023 to 8 November 2027.
The company will conduct the necessary exploratory studies during the statutory period to ensure the availability of the required raw materials.
The financial impact value and timing of the license will become apparent after the completion of exploration work and studies, AMAK said.
(Writing by D Madhura; Editing by Anoop Menon)
