Royal Road Minerals and MSB have established a 50:50 Saudi Arabian joint venture (JV), Royal Roads Arabia LLC (RRA).
The new JV aims to explore copper, gold and other metals in an area of interest comprising the Kingdom of Saudi Arabia (KSA) and other geographical areas.
Royal Road and MSB will have an equal number of directors appointed by them to RRA's board.
RRA’s business will be carried out in accordance with the provisions of a JV shareholder agreement signed between the parties in June 2023.
Currently generating and evaluating copper and gold target areas in KSA, RRA plans to submit exploration licence applications over newly identified areas of significant interest.
Royal Road president and CEO Dr Tim Coughlin said: “We are very pleased that now, with the incorporation of Royal Roads Arabia, we are in a position to secure some of the exciting copper and gold opportunities we have been generating and assessing in KSA, and to expand our valuable partnership to other supportive and prospective jurisdictions elsewhere.”
Earlier this month, RRA signed a non-binding letter of intent to explore and acquire certain copper assets in Morocco.
MSB Holdings Group CEO and Royal Roads Arabia chairman Tareq Telmesani said: “This announcement marks a significant step towards Saudi Arabia’s Vision 2030 for the mining industry, which promotes diversification and driving economic development in remote areas.
“We are confident that, with our shared expertise, Royal Roads Arabia will play a pivotal role in the growth of the mining industry in Saudi Arabia and the wider region, and in contributing towards the Kingdom’s ambitious goals for the future.”
