AMAK to quadruple exploration spending in 2025: CEO

Almasane Alkobra Mining Co. (AMAK) plans to quadruple its exploration spending in 2025 compared to 2024, while continuing to raise the company’s operational efficiency in 2026 to ensure delivering the targeted returns, said CEO Geoffrey MacDonald Day.

 

“We'll spend about four times more in exploration in 2025 than we did in 2024,” he said.

 

The company’s exploration licenses rose to 25, compared to two licenses five years ago, he told Argaam, during the Future Minerals Forum.

 

AMAK’s three newly-obtained exploration licenses cover base, precious and industrial metals, which reflects the significant growth in the company’s operations, he added.

 

According to the top executive, exploration operations require long periods starting with planning, field mapping and defining boundaries of resources, then the various drilling stages. He noted that the company will announce any material updates.

 

In addition, AMAK is working to increase its exploration and production capacity by intensifying efforts in analyzing geological data and field drilling in new sites, said the CEO.

 

He added that the government support provided to the mining sector in the Kingdom further accelerates these operations compared to international standards.

 

The Exploration Enablement Program is one of the most important initiatives supporting growth in the mining sector in the Kingdom. It aims to increase efficiency and develop local skills. AMAC has applied for the program for 11 of its investments, which has helped it boost drilling productivity and achieve tangible progress in its exploration projects, according to Day.

 

As for AMAK’s financial results for 2024, the CEO noted that initial indicators showed strong performance for the company, backed by increased productivity and expansion in its exploration investments. He noted that the results will be announced by the end of Q1.