Amak plans capital top-up as Saudi mining flourishes

Saudi miner Almasane Alkobra Mining Company (Amak) has proposed a capital increase to support its growth plans amid major growth in the kingdom’s mining sector.

The company plans to raise SAR680 million ($181 million) through a rights issue, it said in a statement to the Saudi stock exchange.

The move is a return to the company’s expansion plans. Al Rajhi Capital will act as the financial advisor for the rights issue.

In November, Amak discovered new reserves of copper, zinc, gold and silver, further expanding the country’s estimated $2.5 trillion in mineral wealth.

The reserves were located in one of its exploration areas in the Najran region, southwestern Saudi Arabia.

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

The number of mining licences issued by Saudi Arabia more than tripled year on year in 2025, with total investments in the new licensed projects exceeding SAR44 billion.

In January, Riyadh awarded new mining exploration contracts to 24 companies within the ninth and largest-ever licensing round for prospectors.

Further reading:

• Untapped minerals draw global mining companies to Riyadh
• Mining licences triple amid Riyadh’s exploration drive
• 31 companies to compete for three Saudi mining belts

Maaden CEO Bob Wilt told the Future Minerals Forum in Riyadh last month that the Saudi-listed company plans to invest $110 billion over the next decade, describing it as “the largest capital programme in the history of mining”.

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

Amak shares rose 0.8 percent to close at SAR102.80 on Monday. The stock has risen 89 percent since the start of the year.