Cassius Mining (ASX:CMD) has entered into a memorandum of understanding (MoU) with contracting company Segia Gulf Group to fast-track critical minerals exploration in Saudi Arabia.
The agreement is part of participating in Saudi Arabia’s ‘Vision 2030’ of unlocking the Kingdom’s vast mineral resources by accelerating exploration activities.
Under the MoU, the terms are structured to lead to a joint venture between Cassius Mining and Segia, which will be finalised in the near future.
Both companies will hold a 50% interest in the joint venture and Cassius will apply for exploration incentives being offered by the Ministry of Industry and Mineral Resources (MIMR) as the international partner, subsidising a range of exploration costs.
As part of the agreement, Segia will assist Cassius to secure funds by introducing potential financial investors as an integral part of progressing any project under the joint venture.
Both companies plan to prioritise exploration licences in gold and copper, without excluding any critical minerals of potential interest.
CEO James Arkoudis says Cassius has continued to receive strong and reliable support from several parties involved.
“Without all their valuable time and guidance the relationships we have made with many companies and individuals in the Kingdom would never have been possible, which has now generated material benefits to the company in the form of the MoU with Segia,” Arkoudis says.
“We are confident our relationships with the consulate in Sydney and MIMR in Riyadh will continue and strengthen.”
Write to Aaliyah Rogan at Mining.com.au
Images: Cassius Mining
