Amman, Jan. 6 (Petra) — The National Arab Mining and Manufacturing Industries Co. has inked a deal with Ithmar Invest PSC to launch a JD40 million ($56.4 million) initial public offering planned for the second half of 2024, executives announced Monday.

The newly formed mining company, which registered with Jordan’s Ministry of Industry and Trade on Jan. 3 with JD1.35 million in initial capital, aims to tap into growing demand for battery materials and agricultural minerals.

“We’re positioning ourselves at the intersection of the energy transition and food security,” said Hamdi Tabaa, chairman of National Arab Mining. “Our focus will be on minerals critical for battery storage and fertilizer production.”

The company plans to acquire exploration rights for phosphates, copper and other minerals while pursuing partnerships with international mining firms, Tabaa told reporters at a signing ceremony in Amman. Projects will align with global climate goals, including carbon neutrality targets set at recent COP summits.

Ithmar Invest CEO Fawaz Ghannam said the IPO would help strengthen Jordan’s capital markets while providing growth capital for the mining sector. “This listing demonstrates the vital role financial markets can play in funding strategic industries,” he said.

The new public company will eventually acquire all assets and agreements from National Arab Mining, according to the executives. They did not disclose timing or valuation details for the planned acquisition.

//Petra// AA
06/01/2025 12:57:42