Al Haytham Mining mulls IPO on Saudi market: CEO

Khalid Aljahdali, CEO of Al Haytham Mining Co.

Al Haytham Mining Co. plans to float shares in an initial public offering (IPO) on the Saudi market soon, CEO Khalid Aljahdali told Argaam on the sidelines of the second edition of the Future Minerals Forum held in Riyadh.

He added that the company is waiting for the financial advisor to complete the relevant study.

The company works in aerial exploration survey, through drilling and mining, the CEO said, indicating that the firm's market share in aerial survey for mineral exploration ranges between 70% to 75%.

Al Haytham Mining records robust earnings from mining, Aljahdali said.

He added that the firm formed an alliance with a South African company for aerial survey work in the Arabian Shield area, over approximately 700,000 square kilometers. The company completed nearly 20% to 25% of the total space.

In mid-2021, the Kingdom began the largest geophysical survey to explore minerals in the Arabian Shield area.

Further, Aljahdali said the explorations are carried out by aircraft at low-altitude to explore minerals and underground wealth.

The firm aims to expand in new areas soon to explore gold and copper, the CEO said, noting that it has entered into a partnership contract with a French company to undertake drilling and operational works for mines in the Kingdom after the exploration process by the ministry.

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