Resource Minerals International Ltd (ASX:RMI), a company focused on mineral development delivering shareholder value, has announced it has exercised its option to acquire AuKing Mining’s interest in a Joint Venture (JV) in Saudi Arabia. No consideration is payable by RMI to AuKing, other than RMI agreeing to assume all of AuKing’s obligations under the Saudi JV and to assist the joint venture partner Barg Alsaman Mining Company (BSMC) to secure the Shaib Marqan licence and commence exploration at the Wadi Salamah project. This acquisition marks a significant step for RMI in expanding its exploration portfolio.
The granted Shaib Marqan exploration licence, covering 91.8 square kilometres, is highly prospective for gold and base metals. Initial validation outcrop sampling in November 2024 showed high-grade gold results, with subsequent reconnaissance sampling in March 2025 collecting a further 87 samples, the results of which are pending. The licence, which covers exploration rights for gold, silver, copper, tin, and lead, has an initial term of five years.
RMI Executive Chairman Asimwe Kabunga expressed enthusiasm about the completed acquisition, highlighting RMI’s position as one of the few ASX-listed companies with a foothold in the Saudi exploration sector. He stated that the company is now well-funded and in a strong position to progress its exploration programs in Saudi Arabia, Tanzania, and Finland. Assay results from the recent rock chip sampling at Shaib Marqan are expected in the coming weeks, which will help develop the first phase exploration program at the Shaib Marqan and Wadi Salamah projects.
Securing funding arrangements for bank guarantees for the Shaib Marqan exploration licence means RMI’s interest in the Segia al Haditha Mining Co. LLC, the JV company, will be 50%. With Saudi Arabia’s Vision 2030 reform agenda elevating the mining sector, RMI is positioned to capitalize on the growing investment and government support for minerals exploration in the region.
