“Maaden” concludes an agreement with “Hankook” to establish a joint venture worth $5 million
The Saudi Arabian Mining Company (Ma’aden) and Medana Exploration Pty Ltd (Hancock) have concluded a partner agreement with the aim of accelerating exploration efforts in the Kingdom of Saudi Arabia.
According to the company’s statement on the website "Saudi Arabia trading"Ma’aden will own 50.1% of the joint venture’s capital, while Hankook will own 49.9% of the capital.
The company aims to carry out exploration, development, mining, sales and marketing of minerals in licensed areas in the Kingdom.
The joint project will begin with exploration work in the Nabata-Al-Duwaihi gold belt, and this will be followed by the final award of exploration licenses from the Ministry of Industry and Mineral Resources through three new mineral belts in the gold belt. Nabata-Al-Duwayhi in the Kingdom of Saudi Arabia, with a total area of more than 24,000 square kilometers.
She noted that the capital of the joint project was set at $5 million, and the joint project will determine the budget according to the business plan (including exploration, development and mining activities) on an ongoing basis.
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