Riyadh - Mubasher: Saudi Arabian Mining Company (Ma’aden) and Al Masane Al Kobra Mining Company (Amak) signed an agreement to exchange several exploration licenses, according to a press release.
Under the deal, a group of exploration licenses owned by Ma’aden will be transferred to AMAK, supporting the latter’s expansion plans and strategic vision to foster its exploration and new mine development portfolio.
On the other hand, Ma’aden will receive several exploration licenses currently held by AMAK, enabling both companies to bolster operational integration and enhance the efficiency of exploration and development activities across geologically promising areas.
This partnership marks an important step toward improving the effectiveness of geological exploration, securing promising mining projects, exchanging expertise, and building capabilities.
AMAK’s CEO, Geoff Day, stated: “This agreement reflects our strong relationship with Ma’aden and represents a true embodiment of collaborative strategic partnerships within the sector with the focus on responsible, value-add resource stewardship across the Kingdom’s fast-growing mineral resources sector.”
“Undoubtedly, this pivotal step will enable both parties to accelerate exploration activities in high-potential geological areas,” Day added.
He noted: “These new licenses will support our growth plans and expand our project portfolio in line with the aspirations of the Kingdom’s mining sector and our commitment to delivering sustainable value to our shareholders and the national economy.”
As of 30 September 2025, Ma’aden registered 90.68% year-on-year (YoY) higher net profits at SAR 5.67 billion, while AMAK generated SAR 209.65 million in net profit.
