MBK’s Saudi JV Wins Exploration License in Saudi Arabia

Metal Bank Limited (ASX: MBK) (‘Metal Bank’, ‘MBK’ or the ‘Company’) is pleased to announce that it received confirmation that it’s Saudi Arabia joint venture company, CMC, has been successful in its application for the Wadi Al Junah copper, zinc and gold project in the Licensing Round 6 Auctions in Saudi Arabia.

Highlights

• MBK’s Saudi Arabian Joint Venture Company, Consolidated Mining Company LLC (CMC) has won the Round 6 License Application for the Wadi Al Junah copper, zinc and gold project
• CMC is owned 60% MBK and 40% Central Mining Holding Company (CMH), which is controlled by Citadel’s former Jabal Sayid JV Partner, the Al Qahtani Group, and is capitalised at SAR5m (approximately AUD$2.1m)
• Wadi Al Junah project is fully permitted and ready for immediate exploration
• Wadi Al Junah project qualifies under the incentive rebate program that provides up to SAR7.2m (approximately AU$2.9m) per project for exploration expenditure

MBK is currently preparing a geological summary and exploration strategy for the Wadi Al Junah Project, with a follow-up ASX release to be made once this is completed.

Commenting on this important development, Metal Bank’s Chair, Inés Scotland said

“This news is very exciting for Metal Bank and our shareholders and demonstrates our capabilities to deliver on our MENA strategy. The exploration licenses under the Licensing Rounds come fully permitted and we are ready to immediately start exploration on this project. We are currently finalising our exploration plans and geological background documents for the project, and look forward to providing further updates to the market very shortly.”

Click here for the full ASX Release

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