Denarius Metals (Cboe CA: DMET; US-OTCQX: DNRSF) announced that it has entered a strategic joint-venture collaboration with ProGrowth, a Saudi-based diversified group with experience in mining, construction and infrastructure, oil and gas, petrochemicals, and trading and technology-enabled services in the Kingdom of Saudi Arabia.
The collaboration will focus on establishing arrangements in Saudi Arabia for processing, smelting and commercializing material sourced from Denarius Metals’ Lomero and Toral projects in Spain, and on identifying, acquiring, developing and operating gold and nickel mining concessions within Saudi Arabia.
"Aligned with Saudi Vision 2030, we look forward to building this alliance with ProGrowth to develop and commercialize metals and critical minerals from our projects in Spain and new projects in the KSA," Serafino Iacono, executive chairman of Denarius Metals, commented.
He added: "ProGrowth is a well-established construction and engineering firm in the KSA, providing services for such companies as Maaden, Saudi Arabia's leading mining company, and Saudi Aramco in the oil and gas sector. 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."
ProGrowth operates through specialized business units that cover the full project and value-chain lifecycle, from engineering and execution to trading and downstream commercialization. The group provides engineering, design and technical studies through ProGrowth Engineering Consultancy, supports trading and commercial operations through ChemiLink, and has expanded into mineral trading, downstream processing and commercialization to support localization and industrial development consistent with Saudi Vision 2030.
Additional information can be found at www.DenariusMetals.com
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