AuKing representatives recently conducted a site visit with BSMC personnel to identify certain existing and future areas of likely collaboration


AuKing has entered into a Memorandum of Understanding with BSMC. (Credit: Chris Wiedenhoff from Pixabay)

AuKing Mining Limited (ASX: AKN) today announced that it had entered into a
Memorandum of Understanding with Barg Alsaman Mining Company (BSMC),
subsidiary of the Segia Gulf Group (Segia) (a substantial Saudi Arabian corporate
group) for the purpose of jointly exploring and developing mineral projects in the
Kingdom of Saudi Arabia.

Managing Director of Segia Gulf Group, Sheikh Abdullah Al-Qahtani said “The Kingdom
of Saudi Arabia is focusing substantial resources to expand our mining industry and to
provide a basis for developing mining projects and providing significant opportunities to increase skills and expertise of local Saudis in this sector. The reputation of Australian explorers is first class and we look forward to working with AuKing’s technical team as we seek to identify and develop suitable mining projects.”

AuKing’s Chairman, Asimwe Kabunga commented: “The Board of AuKing is pleased to
announce the collaboration with Segia Gulf Group (via its subsidiary BSMC), a substantial Saudi Arabian corporation, for the specific purpose of exploring and developing mineral projects in the Kingdom of Saudi Arabia.”

“There is little doubt that the Government of Saudi Arabia has a serious agenda to create a mining sector that attracts global attention and participation and already has many of the major mining players involved,” Mr Kabunga said.

CEO of BSMC, Dr Elhamem M. Abdalla said, “It is an excellent opportunity for the
company to partner with a company with great exploration experience and listed on the
ASX. We will do what is necessary for the success of this partnership and work together to develop the field of mining in the Kingdom of Saudi Arabia.”

CEO, Paul Williams also commented: “AuKing is indeed fortunate to have established a
strong relationship with a large Saudi Arabian corporate group that has more than 40 years operating experience in the Kingdom and which is now looking to develop various mining projects. While AuKing’s existing copper and uranium projects in Tanzania and Australia continue to be a focus, this unique opportunity could not be overlooked,” Mr Williams said

Source: Company Press Release