Arabian American Development Co. (ARSD) Reports Lease Approvals in Saudi Arabia
Arabian American Development Co. reported that the company received approval for four additional mining leases in Saudi Arabia. The company believes that the areas are prospective for gold, copper, zinc, nickel, and silver. The leases were awarded to Al Masane Al Kobra Mining Company, a joint stock company active in Saudi Arabia that is 37% owned by Arabian American Development Co. The leases were explored previously by Arabian American Development Co. in the 1980’s at a cost of $3 million. Arabian American Development said that the leases are in the Al Masane area of Najran province and are near to…