Wadi Araba Minerals Signs Jordan’s First Executive Agreement for Copper Mining

Sunday, June 01, 2025 Amman - Jordan Wadi Araba Minerals Company announced today the signing of Jordan’s first executive agreement for the exploitation of copper ore, marking a major milestone for the company and the Kingdom’s mining sector. The agreement was signed between the Minister of Energy and Mineral Resources, H.E. Dr. Saleh Al-Kharabsheh, and Mr. Hani Matouq Al-Asmar, Board Member and Chief Executive Officer of Wadi Araba Minerals Company. It grants the company the right to develop and exploit copper resources over an area of 48 square kilometers in the Abu Khusheiba region of Wadi Araba, south of the Dead Sea, for a period of 30 years. This landmark agreement represents a significant step in Wadi Araba Minerals’ strategy to responsibly develop Jordan’s mineral resources and contribute to sustainable economic growth, in alignment with the Kingdom’s Economic Modernization Vision. Mineral Resource Statement Exploration and evaluation work completed to date has resulted in the delineation of a Mineral Resource classified in the Indicated category, totaling 9.4 million tonnes at an average grade of 0.50% copper, containing approximately 46,348 tonnes of contained copper. Current drilling has tested approximately 15% of the interpreted prospective blocks within the project area, highlighting substantial potential for resource expansion through systematic step-out and infill drilling programs planned for subsequent phases of development. Project Development and Commitments Under the terms of the agreement, Wadi Araba Minerals is committed to processing all extracted copper and associated minerals locally to defined purity levels, in accordance with the agreement’s annexes. The sale or export of unprocessed raw ore is prohibited, reinforcing the company’s focus on downstream value creation and local industrial development Commenting on the signing, Mr. Hani Al-Asmar confirmed that the company will commence early-stage development activities and proceed with plans to establish a specialized copper processing and manufacturing facility, supporting the production of value-added copper products. Mr. Al-Asmar expressed his appreciation to the Government of Jordan for its confidence and support, noting that this agreement represents the first executive copper mining agreement in the Kingdom. He reaffirmed the company’s commitment to delivering the project within the agreed timelines and in accordance with international best practices in safety, environmental stewardship, and governance The agreement establishes a financial framework that includes a royalty linked to global copper prices, starting at a minimum of 3% of gross revenues before cost deductions, in addition to all other applicable taxes on net profits. The executive agreement was approved by the Council of Ministers last Wednesday. Copper is classified as a strategic mineral in Jordan and is developed under a special concession framework in accordance with prevailing legislation. The signing ceremony was attended by senior officials from the Ministry of Energy and Mineral Resources, members of the technical committees, and the executive team of Wadi Araba Minerals Company