Business
Royal Road and MSB Holdings Establish 50-50 Joint Venture Company in the Kingdom of Saudi Arabia
Priority exploration targets of significant interest identified; Letter of Intent entered into in...
About this update from Royal Road Minerals Limited
[{"type":"text","content":"Royal Road and MSB Holdings Establish 50-50 Joint Venture Company in the Kingdom of Saudi ArabiaPriority exploration targets of significant interest identified; Letter of Intent entered into in MoroccoToronto, Ontario--(Newsfile Corp. - August 24, 2023) - Royal Road Minerals Limited (TSXV: RYR) (\"Royal Road\" or the \"Company\") and MSB Holdings Limited (\"MSB\"; each a \"Party\" and together \"the Parties\") are pleased to announce the incorporation of Royal Roads Arabia LLC (\"RRA\") a Saudi Arabian joint-venture vehicle owned on a 50-50% basis by Royal Road and MSB and established for the purpose of copper, gold and other metals exploration in an area of interest comprising the Kingdom of Saudi Arabia (\"KSA\") and any other geographical area as may be agreed between the Parties. Royal Road is operator and the Board of RRA is made up of an equal number of Directors appointed by Royal Road and MSB. The business of RRA is conducted in accordance with the provisions of a Joint Venture Share Holder Agreement, dated June 1st, 2023 (see press release June 1st, 2023).Royal Roads Arabia is currently generating and assessing copper and gold target areas in the Kingdom of Saudia Arabia and is preparing to submit exploration license applications over newly identified areas of significant interest. Additionally, on the 21st of August 2023, RRA entered into a Non-Binding Letter of Intent to explore and acquire certain copper assets in the Kingdom of Morocco. Dr Tim Coughlin, Royal Road's President and CEO stated: \"We are very pleased that now, with the incorporation of Royal Roads Arabia, we are in a position to secure some of the exciting copper and gold opportunities we have been generating and assessing in KSA, and to expand our valuable partnership to other supportive and prospective jurisdictions elsewhere. We are proud to join forces with a truly outstanding partner in MSB and we are excited by the prospect of working together with the joint goal of using our exploration and local advantage to play a key role in the Kingdom's ambitions and global aspirations for economic security and a just and equitable energy transition\"Mr. Tareq Telmesani, CEO of MSB Holdings Group and Chairman of Royal Roads Arabia stated \"This announcement marks a significant step towards Saudi Arabia's Vision 2030 for the mining industry, which promotes di...