The collaboration will concentrate on gold, copper, silver and zinc projects. Credit: A_Dozmorov via Shutterstock.com.

AuKing Mining has signed a memorandum of understanding (MOU) with Barg Alsaman Mining Company (BSMC), a subsidiary of Segia Gulf Group, to jointly explore and develop mineral projects in Saudi Arabia.

The collaboration will concentrate on gold, copper, silver and zinc projects, with BSMC aiding AuKing in obtaining a Foreign Investment Licence from the Saudi Investment Ministry.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Segia Gulf Group managing director Sheikh Abdullah Al-Qahtani said: “The kingdom of Saudi Arabia is focusing substantial resources to expand our mining industry and to provide a basis for developing mining projects and providing significant opportunities to increase skills and expertise of local Saudis in this sector.

“The reputation of Australian explorers is first class and we look forward to working with AuKing’s technical team as we seek to identify and develop suitable mining projects.”

Under the MOU, BSMC will provide AuKing with opportunities to participate in existing projects and jointly bid for new government-offered opportunities.

AuKing is set to solely fund exploration and development activities up to the completion of a feasibility study, after which it will gain a 70% stake in the project.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

If a designated mining project is sold before the feasibility study is completed, the proceeds will be shared between BSMC and AuKing on a 30/70 basis.

Furthermore, BSMC committed to helping AuKing garner funds for project activities, ensuring both parties benefit from the partnership’s success.

AuKing chairman Asimwe Kabunga said: “The Board of AuKing is pleased to announce the collaboration with Segia Gulf Group (via its subsidiary BSMC), a substantial Saudi Arabian corporation, for the specific purpose of exploring and developing mineral projects in the kingdom of Saudi Arabia.

“There is little doubt that the Government of Saudi Arabia has a serious agenda to create a mining sector that attracts global attention and participation and already has many of the major mining players involved.”