Riyadh – Mubasher: The board of Almasane Alkobra Mining Company (AMAK) approved on 16 September the establishment of a new closed joint-stock company named Sanam Mining.
The new entity will be headquartered in Jeddah with a total capital of SAR 200 million.
AMAK will maintain a 51% controlling interest in the subsidiary. The remaining shareholding structure includes Ashum Rawasi Establishment for Mining at 24%, Majid Ali Bin Musallam at 15%, and Arab Mining S.A. at 10%.
Several board members abstained from the vote due to their interests in the participating entities, including Chairman Mohammed Abalaala and Vice Chairman Ibrahim Ali bin Musallam.
Sanam Mining is mandated to conduct mining operations after securing necessary regulatory licenses.
To prevent direct competition with AMAK, the new company’s bylaws will explicitly prohibit exploration or mining activities within the Najran and Asir regions.
This strategic move is designed to enhance AMAK’s operational structure and support sustainable growth within the Saudi mining sector.
The company stated it will disclose further material developments as they occur.
In the first half (H1) of 2026, the net profit of AMAK reached SAR 94.76 million, down 26.13% from SAR 128.29 million in H1-25.
