Arab Minning Company

About Arab Minning Company

MISSION & OBJECTIVES : In pursuance of the resolution adopted by the Arab Economic Unity Council in its Ordinary Session held on June 10, 1974, it was decided to establish an Arab Mining Company (ARMICO) ; the objective of this company is to consolidate the Arab Economic relations on basis of fruitful and constructive cooperation realizing the importance of utilizing the mineral resources in economically diversified investments in productive and development projects, due to their role in consolidating economic integration among the member states and to enhance the momentum of development in these states. ARMICO was established in accordance with the Memorandum of Association signed on the first day of February 1975, where the shareholders in this company shall be the Arab Governments, corporations, companies or organizations nominated by these governments. Accordingly, Amman the capital city of The Hashemite Kingdom of Jordan was selected to host the headquarter of ARMICO, yet it may establish branches, in the countries of the shareholders or outside those countries. The company may also establish or participate in the establishment of legally recognized autonomous companies the participant states or outside these states in agreement with ARMICO and the concerned governments. Through agreement with the governments concerned, ARMICO undertakes all technical, industrial and commercial operations related to mining industry in addition to other relevant and complementary activities, in the fields of exploration, extraction, concentration, processing, transportation, marketing and manufacturing, in particular. According to a Resolution adopted by the General Assembly in its Extraordinary Meeting held on 28/8/1994, the equity capital of the company was fixed at the paid up amount of 54.47 million Kuwaiti Dinars, divided into 5447 shares, the value per share = ten thousand Kuwaiti Dinars.