AMAK CEO: Kingdom's $2.5 Trillion Mining Sector Presents Unprecedented Global Opportunities
As Saudi Arabia positions itself to become a global mining hub, Al-Masane Al-Kobra Mining Company (AMAK) stands at the forefront of this transformation. With a comprehensive growth strategy through 2025, AMAK is tapping the Kingdom's mining sector potential.
In an interview on the sidelines of the Future Minerals Forum 2025, Geoffrey Day, Chief Executive Officer of AMAK, shared insights into the company's journey from its establishment in 2008 to its current position as one of Saudi Arabia's largest publicly listed mining companies.
With production capacity set to increase significantly through strategic projects like the Khutainah Gold Project and Nuham Iron Ore development, AMAK is charting a course to support Saudi Arabia's vision of becoming one of the world's top 10 mining countries.
Excerpts from the exclusive interview:
Q: The completion of the Moyeath expansion marks a significant milestone for AMAK. How has this transformed your operational capabilities and market position?
A: The expansion of the Moyeath processing plant has significantly enhanced our production capabilities. We've increased our annual ore processing capacity to 1.2 million tons, enabling production of 30-40 kt of copper concentrate, 60-80 kt of zinc concentrate, 35-45 koz of gold, and approximately 500 koz of silver. This expansion demonstrates both our operational capabilities and our commitment to growing Saudi Arabia's mining sector.
Q: Your 2025 growth strategy encompasses several ambitious projects and new growth opportunities. How will these developments reshape AMAK's future in the Saudi mining sector?
A: Our strategy focuses on both expanding existing operations and exploring new growth opportunities. For existing operations, we're developing the Khutainah Gold Project, which will commence production within six months of receiving the mining license. The gold mineralization here extends over 1.5 kilometers, presenting significant production potential.
We're also advancing the Nuham Iron Ore Project, which has more than 7Mt of resources and will supply oxide iron ore to cement factories in the Kingdom .Additionally, we plan to initiate underground mining operations at the Guyan Gold Mine in 2025, which we expect will significantly reduce gold production costs through higher-grade underground resources and lower production costs. We're also developing satellite pits such as Sukkari to supply our Guyan Gold Plant, and assessing the gold resource potential of the newly acquired Al Hajira tenement.
To accelerate our exploration capabilities, we're launching a wholly-owned drilling company dedicated to exploring more than 20 licenses, that cover base metals and industrial minerals.
Q: Environmental sustainability is increasingly crucial - and a key discussion point globally - in mining operations. As Saudi Arabia advances its ambitious environmental agenda through initiatives like the Saudi Green Initiative, how is AMAK pioneering sustainable mining practices while maintaining operational excellence?
A: Sustainability is fundamental to our operational philosophy and long-term strategy. We're taking concrete steps to reduce our environmental impact through several key initiatives.
First, we're initiating the connection of our facilities to the national power grid, which will substantially reduce diesel consumption and improve our carbon footprint.
We're also expanding our dry tailing storage capacity to accommodate all current and future mineable reserves. This initiative not only supports our operational growth but also demonstrates our commitment to responsible waste management.
We recycle nearly all our water across our sites and are exploring innovative solutions for waste management, such as creating topsoil for revegetation programs. These efforts align with both global sustainability standards and Saudi Arabia's commitment to environmental protection. Our approach to sustainable mining practices ensures we can meet growing production demands while maintaining the highest environmental standards.
Q: Innovation is central to the future of mining. How is AMAK fostering a culture of innovation across its operations?
A: Innovation is embedded in every aspect of our operations. We're implementing advanced technologies like prospectivity mapping and real-time tracking systems, but more importantly, we're creating an ecosystem that encourages innovative thinking.
Through our partnerships with academic institutions and technology providers, we're developing solutions that address industry challenges while improving operational efficiency.
Our focus extends beyond just implementing new technologies. We're actively participating in the Kingdom's broader innovation ecosystem, working with research institutions and industry partners to develop mining solutions that can be applied both locally and globally. This collaborative approach to innovation ensures we stay at the forefront of mining technology while contributing to Saudi Arabia's position as a global mining hub.
Q: AMAK has made significant strides in developing local talent. Could you elaborate on your long-term vision for building mining sector capabilities in Saudi Arabia?
A: Our vision for talent development goes beyond meeting immediate operational needs. We're building a sustainable pipeline of mining professionals who will lead the sector's future development.
Through our partnership with the Saudi Mining Polytechnic, we've created comprehensive training programs that combine theoretical knowledge with practical experience.
The success of our recent program, where 30 Saudi trainees completed a two-year diploma and are now contributing to various operational areas, demonstrates the effectiveness of our approach. We are committed to developing the next generation of mining sector leaders who will drive innovation and growth in Saudi Arabia's mining industry.
Q: Saudi Arabia is positioning itself as a global mining hub. What unique advantages does the Kingdom offer to international investors in the mining sector?
A: Saudi Arabia offers a unique combination of advantages. The Kingdom's mineral wealth is estimated at SAR 9.4 trillion ($2.5 trillion). This, combined with its strategic location between Asia, Europe, and Africa, robust infrastructure including ports and railways, and the comprehensive reforms introduced through the 2020 Mining Investment Law, creates unprecedented opportunities for investment and partnership.
Q: Vision 2030 sets ambitious targets for the mining sector. How is AMAK's strategic roadmap contributing to these national objectives?
A: Our strategy directly supports Vision 2030's goals for the mining sector. We're contributing to economic diversification through our expanding operations, developing local talent, and implementing sustainable practices. Our focus on innovation and operational excellence positions us to support the Kingdom's ambition to rank among the top 10 mining countries globally.
Q: The global energy transition and digitalization strategies is driving unprecedented demand for critical minerals. How is Saudi Arabia positioned to meet this growing need?
A: There is no doubt that Saudi Arabia is strategically positioned to become a key supplier of critical minerals essential for the global energy transition and digitalization. The Kingdom's vast mineral resources, combined with its investment in processing and manufacturing capabilities, create a unique value proposition.
Through our expanding operations and focus on innovation, we're supporting Saudi Arabia's ambition to become a world-class processing and manufacturing hub for these essential materials. This aligns with the broader objective of establishing the region as a reliable supplier of responsibly sourced minerals for global development.
