Denarius Metals Corp. is forging a significant strategic alliance with ProGrowth Ltd. Company, a prominent Saudi Arabian conglomerate, to advance its mining and metals initiatives within the Kingdom. This partnership is poised to establish critical infrastructure for processing, smelting, and commercializing materials from Denarius Metals’ Spanish projects, namely Lomero and Toral. Concurrently, the collaboration will spearhead the identification, acquisition, development, and operation of new gold and nickel mining concessions within Saudi Arabia.
Serafino Iacono, Executive Chairman of Denarius Metals, highlighted the alignment of this venture with Saudi Vision 2030. “We are enthusiastic about this alliance with ProGrowth,” Iacono stated. “It represents a pivotal step in developing and commercializing metals and critical minerals from our existing Spanish assets, as well as unlocking new opportunities within the Kingdom of Saudi Arabia. ProGrowth’s extensive experience, including their work with major players like Maaden and Saudi Aramco, provides a robust foundation for our expansion. This collaboration is expected to open significant doors for Denarius Metals in the Saudi mining and metals sector, potentially leading to a strategic equity investment in our company.”
ProGrowth brings a comprehensive suite of capabilities to the partnership. As a diversified group with deep roots in construction, infrastructure, oil & gas, petrochemicals, mining, trading, and technology-enabled services, ProGrowth operates through specialized units that cover the entire project lifecycle. Their engineering arm, ProGrowth Engineering Consultancy, offers design, engineering, and technical studies, while their execution experience spans major construction and oil & gas projects in the KSA. Furthermore, ProGrowth’s trading division, ChemiLink, facilitates the supply and commercialization of industrial materials, crucial for supporting complex supply chains and material sourcing strategies. This integrated approach, combining engineering, execution, and trading, is directly aligned with Saudi Arabia’s national development objectives, fostering localization and industrial growth.
Denarius Metals, a Canadian junior exploration company, is actively expanding its portfolio of high-grade precious and polymetallic mining projects. Beyond its Spanish interests, the company is currently in an early production phase at its Zancudo Project in Colombia, with plans to commence production of high-grade gold-silver concentrates by the third quarter of 2026. In Spain, Denarius Metals holds a stake in the Aguablanca Project, recognized by the EU as a Strategic Project, and wholly owns the Lomero and Toral projects, which focus on critical minerals and polymetallic deposits, respectively.
This strategic collaboration with ProGrowth is anticipated to provide Denarius Metals with unparalleled access to Saudi Arabia’s burgeoning mining sector. The Kingdom’s ambitious Vision 2030 initiative emphasizes economic diversification and the development of new industries, making it an opportune environment for significant mining and metals development. ProGrowth’s established presence, regulatory expertise, and robust infrastructure network position them as an ideal partner for navigating this landscape. The synergy between Denarius Metals’ exploration and development expertise and ProGrowth’s local market knowledge and operational capabilities creates a compelling framework for mutual growth and success. The potential for a strategic equity investment further underscores the perceived value and long-term commitment envisioned by both parties.
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