Denarius Metals partners with ProGrowth for Saudi Arabia mining ventures

Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) announced a joint venture partnership with ProGrowth Ltd., a Saudi-based construction and engineering company, to develop mining and metals opportunities in Saudi Arabia.

The collaboration focuses on establishing arrangements in Saudi Arabia for processing, smelting and commercializing material from Denarius Metals' Lomero and Toral projects in Spain. The partnership also aims to identify, acquire, develop and operate gold and nickel mining concessions within Saudi Arabia.

ProGrowth provides services to companies including Maaden, Saudi Arabia's mining company, and Saudi Aramco in the oil and gas sector. The company operates across construction, infrastructure, oil and gas, petrochemicals, mining, trading and technology services.

"The collaboration with ProGrowth will open doors for Denarius Metals in the mining and metals sector in the KSA which could ultimately lead to a strategic equity investment in our Company," said Serafino Iacono, Executive Chairman of Denarius Metals.

Denarius Metals operates mining projects in Colombia and Spain. In Colombia, the company produces gold and silver at its Zancudo Project and is constructing a 1,000 tonnes per day processing plant expected to start producing concentrates by the third quarter of 2026.

In Spain, Denarius Metals owns a 22% interest in Rio Narcea Recursos and operates the Aguablanca Project, which includes a 5,000 tonnes per day processing plant and rights to exploit the Aguablanca nickel-copper mine. The company also owns the Lomero Project and the Toral Project, focused on critical minerals.

The information is based on a company press release statement.

You May Also Be Interested In

• HUT 8 appoints former Merrill Lynch CEO O'Neal as board chair
• Cosmos Health signs letter of intent to acquire Doc Pharma for $24M
• NowVertical names Andre Garber as interim CEO