Metal Bank (MBK) has formed a joint venture company, the Consolidate Mining Company (CMC), which has secured a mining investment licence in Saudi Arabia.
The licence will enable CMC to conduct exploration and mining activities within the Kingdom.
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CMC will be 60% owned by MBK and 40% by Central Mining Holding Company (CMHC), a member of the Al Qahtani Group.
The joint venture represents a strategic move for MBK, as it will be the entity through which the company will apply for exploration licences in Saudi Arabia and participate in the ongoing auction rounds.
It aims to leverage the opportunities within the Kingdom’s mining sector, which is being actively promoted by the Saudi government as part of its economic diversification efforts.
CMHC paid A$2m as working capital for CMC.
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By GlobalDataThis collaboration marks a significant progression in MBK’s Middle East and North Africa (MENA) strategy.
MBK’s MENA strategy is comprehensive, encompassing the acquisition of three copper projects in Jordan and the preparation for applications for base and precious metals projects in Saudi Arabia.
The granting of the mining investment licence to CMC is a critical step in this regional expansion plan.
Metal Bank chair Inés Scotland stated: “We are excited to be working with our previous JV partners in Saudi. The Jabal Sayid project was a JV between CMC and Citadel and was an outstanding success mostly due to our robust relationship and commitment to working together.
“We have been working on executing our MENA strategy for three copper projects in Jordan combined with highly prospective exploration in KSA, where the Arabian Shield is the same size as the Yilgarn with only a fraction of the exploration spend.”
