Trecora receives more licenses for partnership in Saudi Arabia
These specific licenses apply to the company’s partnership with the Al Masane Al Kobra Mining Company (AMAK), which has zinc as well as copper mines located in Saudi Arabia.
“The approval of the new licenses and leases has been anticipated for some time, and the additional property significantly increases the long-term value of AMAK,” Simon Upfill-Brown, Trecora president and CEO, said. “AMAK has development plans that aggressively leverage the larger asset base and reflect our confidence that the mine will provide significant value to Trecora Resources’ shareholders for many years to come.”
Trecora Resources is the original manufacturer of AMAK. It currently owns 35 percent of AMAK. The new licenses include another significant portion of territory that is within the current mine of AMAK. This portion includes Qatan and Guyan exploration licenses and a mini-lease, which may result in gold recovery.
“AMAK continues to work aggressively toward improving operating efficiency and recoveries, reducing chemical inputs and reducing cost across the board to ensure profitability at low commodity prices,” Upfill-Brown said.