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Almasane Alkobra Mining Company (AMAK) has been awarded a gold exploration license from the Ministry of Industry and Mineral Resources, the company said in a statement to the Saudi stock exchange on Thursday.
The license was issued for a total area of 78.07 square kilometres (sq. km) in Najran Province.
The license is valid from 12 July 2023 to 19 May 2028.
AMAK 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, the statement said.
(Writing by D Madhura; Editing by Anoop Menon)
