Saudi-listed United Mining Industries Company has been granted two exploration licenses for gypsum and anhydrite ore from the Ministry of Industry and Mineral Resources.

These licenses have been granted in the Madinah region, the company said in a statement to the Saudi stock exchange on Sunday.

The first license (20240300046) covers an area of 1.147 square kilometres, while the second license (20240300047) spans an area of 0.993 sq km.

The company will conduct detailed studies and exploratory work to assess the availability of the required raw materials within these areas.

United Mining said that the financial impact and timeline related to the licenses will become clear after the completion of the necessary studies and exploration work.

Any material developments on these licenses will be announced in due course, the statement said. 

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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