Metals and Mining
Company Overview of Al Masane Al Kobra Mining Co.
Al Masane Al Kobra Mining Co. engages in the exploration, exploitation, and operation of mines. It produces copper, gold, silver, and zinc. Al Masane Al Kobra Mining Co. is based in Jeddah, Saudi Arabia.
P.O. Box 55696
Key Executives for Al Masane Al Kobra Mining Co.
Managing Director and Director
Compensation as of Fiscal Year 2015.
Al Masane Al Kobra Mining Co. Key Developments
Al Masane Al Kobra Mining Company Announces Temporary Shutdown of Zinc and Copper Plant in Saudi Arabia
Nov 27 15
Trecora Resources announced a temporary shutdown of the Al Masane Al Kobra Mining Company (AMAK) zinc and copper plant in Saudi Arabia. The contract with the existing mine operator was also terminated. AMAK anticipates selling all concentrate inventories prior to year-end subject to suitable vessel availability. In addition, in anticipation of a potentially stronger price environment arising from the many zinc mine closures announced in recent months, options have been secured on the remainder of the zinc inventory allowing AMAK to price any, or all, of the payable metal inventory at any time through to year-end 2016. The potential financial impact of the mill closure upon Trecora Resources is being evaluated and will be affected by the amount of the maintenance work that is properly capitalized or expensed.
Al Masane Al Kobra Mining Co. Announces Unaudited Earnings Results for the Second Quarter Ended June 30, 2015
Aug 6 15
Al Masane Al Kobra Mining Co. announced unaudited earnings results for the second quarter ended June 30, 2015. It reported a loss in equity of approximately $0.4 million during the second quarter primarily due to there being just one shipment during the second quarter, with delays pushing two shipments into July.
Arabian American Development Co. Announces Al Masane Al Kobra Mining Company Receives Additional Funding from Saudi Industrial Development Fund
Jan 8 14
Arabian American Development Co. announced that Al Masane Al Kobra Mining Company received additional funds from the Saudi Industrial Development Fund under the original loan agreement dated September 1, 2010. The sum of SAR 138,000,000 (USD 38 million) was received by AMAK on December 30, 2013. This is the second disbursement on the SIDF loan, increasing the total amount loaned to SAR 279,808,000 (USD 74.5 million). The first draw on the loan was funded in the first quarter of 2011. Funds remain available under the loan agreement; however, AMAK does not foresee the need for additional working capital. AMAK has requested that the commencement of the repayment schedule be deferred one year to February 14, 2015, due to the length of time entailed to receive the second loan disbursement. Dividend payments from the mine cannot begin until scheduled loan repayments have been initiated and cannot exceed the amount of loan repayment in any one year.
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