AMAK Announces Letter of Intent Termination with Power Metal to Establish Joint Venture

Al Masane Al Kobra Mining Co. (AMAK) announced on Sunday the termination of its letter of intent with Power Metal Resources Plc, under which a joint venture agreement would be concluded to explore, develop and extract nickel ore and related minerals under AMAK’s Qatan exploration licence in the southwest of the Kingdom.

AMAK explained that the cancellation was due to the two parties not reaching a final agreement to sign the joint venture agreement, affirming its continued willingness to explore future partnership opportunities that will contribute to supporting its growth and strategic plans.