AMAK terminates LOI for industrial minerals investment

28/07/2024 Argaam
Logo ofAlmasane Alkobra Mining Co. (AMAK)

Logo of Almasane Alkobra Mining Co. (AMAK)

Almasane Alkobra Mining Co.'s (AMAK) board of directors decided to terminate the letter of intent (LOI) signed with Esan Eczacibasi and Arab Mining Co. (Armico-Fujairah) as of today, July 28, agreeing to not proceed with signing the final agreement.  

 

This came after AMAK refused the partnership terms, the company said in a Tadawul statement.

 

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Furthermore, the company decided to fully exploit these resources for its own benefit, should they be proven to exist in commercial quantities, following the necessary exploration activities.

 

In November 2023, AMAK signed a LOI with Esan and Armico-Fujairah to establish a closed joint stock company with a SAR 1 million seed capital that can be increased in the future, according to data available with Argaam.

 

The new company was to invest in industrial minerals such as quartz, feldspar, silica sand, and clay minerals of various types.

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