AuKing signs MoU with Saudi company to help expand portfolio

Thursday, March 28, 2024 05:30 PM | TheNewsWire via QuoteMedia

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AuKing Mining Ltd (ASX:AKN) CEO Paul Williams joins Proactive’s Jonathan Jackson to elaborate on the company’s recent MoU with Barg Alsaman Mining Company (BSMC) for mineral project exploration and development in Saudi Arabia. This partnership signifies AuKing Mining’s strategic move to extend its portfolio, which is focused on uranium and copper. BSMC, a subsidiary of the Segia Gulf Group, plays a pivotal role in this collaboration, bringing substantial local expertise and resources to the table. During the initial phase, AuKing, alongside BSMC, will focus on tapping into the vast mineral potential within the Kingdom, leveraging BSMC's operational strengths and insights. The Saudi Government's push to revamp the mining sector and make it a cornerstone of the economy is a key driver behind this venture, signalling a conducive environment for mining activities and international collaborations. While expanding into Saudi Arabia, AuKing continues to prioritise its copper and uranium projects in Tanzania and Australia. The company is gearing up to secure funding to advance these primary projects, balancing its growth strategy between exploring new territories and nurturing its existing assets.