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Metal Bank (ASX:MBK) has confirmed its Saudi Arabian-based JV has won a fresh exploration permit in the Kingdom.
The JV, named Consolidated Mining Company (CMC), has been successful in Saudi government-led round 6 licence applications for a copper, zinc and gold project called Wadi Al Junah.
A geological summary is currently being prepared for the project, as well as an exploration strategy. But the company has portrayed activity as relatively imminent, probably to commence in early 2025.
CMC is 60% held by MBK and 40% goes to Central Mining Holding Company (CMH), itself an element of the larger Al Qahtani Group.
The latter describes itself on its website as “a fully diversified conglomerate with interests in sectors ranging from oil, gas and mining, to bottling/canning, beverage production, manufacturing” and more.
That said – CMH is only a $2.1M cap company.
At any rate, MBK reported on Wednesday that the company is now ready for immediate exploration at Wadi Al Junah, a project which is liable for tax rebates under the Saudi minerals CapEx incentive ecosystem.
“The exploration licenses under the Licensing Rounds come fully permitted … we are currently finalising our exploration plans and geological background documents for the project,” MBK chief Inés Scotland.
MBK last traded at 1.7cps.
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