Saudi miner Amak reveals gold and silver discoveries

• Copper and zinc finds in same area
• Estimated resources of 11m tonnes
• Only 10% of plot drilled so far

Saudi miner Almasane Alkobra Mining Company (Amak) has discovered new reserves of copper, zinc, gold and silver, further expanding the country’s estimated $2.5 trillion in mineral wealth.

Amak, which trades on the Saudi stock exchange, said the reserves were located in one of its exploration areas in the Najran region, south-western Saudi Arabia.

Exploration commenced immediately upon obtaining the license in September 2024, and drilling has exceeded 27,000 meters since February 2025, the miner said in a statement. 

Preliminary internal studies reveal mineral resources of almost 11 million tonnes, with high potential of finding new reserves, as drilling to date has covered less than 10 percent of the total license area.

In September 2024, the company was awarded exploration licenses for the Al-Hijra and Jabal Qarn sites in the Najran region, covering 274 square kilometres.

Amak will continue its geophysical and drilling programmes in 2026 to enhance the current resource estimates and will release a mineral resource report in the second half of 2026.

The company has launched concept studies to advance the exploration license toward a mining license. The results of the studies will be issued next year.

Further reading:

• Saudi Arabia steps up offers of mining plots
• Maaden awards gold-mine contract to US giant Bechtel
• Haven appeal pushes gold past $4,000

Saudi Arabia introduced a new law six years ago to attract investment to its mining industry as part of its Vision 2030 programme.

Arabian Shield, an area in the west of the country of around 600,000 square kilometres, accounts for almost a third of Saudi Arabia’s total area and is believed to contain $2.5 trillion of mineral wealth, nearly double earlier estimates of $1.3 trillion.

Amak shares rose 6 percent to close at SAR80.25 on Tuesday. The stock has risen 18 percent since the start of the year.