Arabian American Development Co

Published : August 22nd, 2012

Announces First Sale and Shipment of Zinc and Copper Concentrates from Al Masane Al Kobra Mine

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Today, ARSD announced that the Al Masane Al Kobra (AMAK) mine, which is 37% owned by Arabian American, has executed its first sales of zinc concentrate and copper concentrate which are scheduled to ship from the Port of Jizan, Saudi Arabia, in the first half of September.  Press release below.

 

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August 22, 2012

Arabian AmericanAnnounces First Sale and Shipment of Zinc and Copper Concentrates from Al Masane Al Kobra Mine

 

Total Revenue from Sale of Both Products could Exceed $15 Million for First Shipment

 

SUGAR LAND, Texas, August 22, 2012 -- Arabian American Development Co. (NYSE: ARSD) today announced that the Al Masane Al Kobra (AMAK) mine, which is 37% owned by Arabian American, has executed its first sales of zinc concentrate and copper concentrate which are scheduled to ship from the Port of Jizan, Saudi Arabia, in the first half of September.

 

A minimum of 5,000 tons of concentrate is required to create a cargo for scheduling. The contract with the buyer of the copper concentrate, an Indian smelter, allows for a shipment of up to 7,000 metric tons of product which will generate over $11.5 million in gross revenue for the Saudi joint stock company. The contract for the zinc concentrate, with a smelter in South Korea, allows for a shipment of up to 7,000 metric tons and will generate over $4.5 million in revenue if the full amount is loaded. The final amounts loaded depends upon the size of the ship nominated to carry the cargo and the timing of its arrival in the Port of Jizan. Production at the AMAK mill of the two products is continuing daily, and reliability has been greatly improved over the last several months. Typically, AMAK will load a cargo hold every four to six weeks if production continues as planned.

 

Nick Carter, President and Chief Executive Officer of Arabian American Development Company, commented, "We are extremely pleased to announce the milestone event of the first sale and shipment of products from the mine. This is the culmination of a successful collaboration with our Saudi partners, the mill operator, and our sales and marketing partners after years of development. Current market demand for zinc has made the mine's zinc concentrate attractive to zinc smelters, and the mill is running currently at about 95% capacity. The mine is entering the stage of full and routine operation. Recovery of the metal from the ore is very good, the quality of the concentrate is good, and we are looking forward to establishing a good track record for quality and reliability in the world-wide marketplace."

 

Mr. Carter continued, "The permanent facility for storing and loading concentrates at the Port of Jizan is nearing completion, and may be used for this first shipment if all goes well. The AMAK staff has managed this startup period in a professional manner, and we look forward to these shipments and loadings becoming an ordinary and routine happening."

 

About Arabian American Development Company (ARSD)

 

ARSD owns and operates a petrochemical facility located in southeast Texas, just north of Beaumont, which specializes in high purity petrochemical solvents and other solvent type manufacturing. The Company is also the original developer and 37% owner of AMAK, a Saudi Arabian joint stock mining company.

 

Safe Harbor

 

Statements in this release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon management's belief as well as assumptions made by and information currently available to management. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Arabian American's filings with the Securities and Exchange Commission, including Arabian American's Annual Report on Form 10-K for the year ended December 31, 2011, and the Company's subsequent Quarterly Reports on Form 10-Q.


Thank you for your interest. If you have any questions, please contact Cameron Donahue at cameron@haydenir.com or (651) 653-1854
 
Sincerely,
 

Cameron Donahue, Partner
Hayden IR
(651) 653-1854
(651) 707-3532 (cell)
Cameron@haydenir.com
www.haydenir.com
 
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Arabian American Development Co

CODE : ARSD
ISIN : US0384651008
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Arabian American Development is a exploration company based in United states of america.

Arabian American Development is listed in United States of America. Its market capitalisation is US$ 268.5 millions as of today (€ 198.2 millions).

Its stock quote reached its lowest recent point on December 12, 2008 at US$ 0.41, and its highest recent level on June 17, 2014 at US$ 11.01.

Arabian American Development has 24 387 625 shares outstanding.

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Nominations of Arabian American Development Co
6/2/2011Joseph P. Palm Elected to Arabian American Development Board...
Financials of Arabian American Development Co
3/9/2012Announces Fourth Quarter and Full Year 2011 Financial Result...
8/5/2011Announces Second Quarter 2011 Financial Results
5/6/2011Announces First Quarter 2011 Financial Results
3/4/20102009 Fourth Quarter and Year End Financial Results on March ...
10/29/20092009 Third Quarter Financial Results on November 5, 2009
8/6/2009Second Quarter 2009 financial Results
7/30/2009Second Quarter Financial Results on August 6, 2009
3/5/2009mpany to Announce 2008 Fourth Quarter and Year End Results o...
11/6/2008Announces Third Quarter 2008 Financial Results
8/7/2008Announces Second Quarter 2008 Financial Results
7/31/2008to Announce 2008 Second Quarter Results on August 7, 2008
Project news of Arabian American Development Co
8/22/2012(Al Masane)Announces First Sale and Shipment of Zinc and Copper Concent...
12/20/2011s Investors on AMAK Mine, Petrochemical and Toll-Processing ...
10/25/2011Announces Completion of Construction Phase of AMAK Mine
6/1/2010(Al Masane)& AMAK Announce $88 Million in Financing for Saudi Mine Deve...
Corporate news of Arabian American Development Co
9/11/2012Names Simon Upfill-Brown As Executive Vice President
8/24/2012featured in Seeking Alpha article on basic material companie...
8/16/2012Announces Filing of Shelf Registration
6/13/2012mpany Set to
4/3/2012to Ring the NYSE Closing Bell on April 10, 2012
3/21/2012Receives Approval for Listing on the NYSE
1/26/2012Announces Two-Year Contract Extension with an Existing Fortu...
12/1/2011Provides Business Update
9/19/2011Announces AMAK's Receipt of Four Additional Mining Leases
7/26/2011Announces Plans to Build Renewable Hydrocarbon Processing De...
4/26/2011(Al Masane)Provides an Update to Al Masane Al Kobra Mine and Additional...
4/8/2011Announces Audit Committee Realignment
3/9/2011Announces Fourth Quarter and Full-Year 2010 Financial Result...
2/15/2011(Al Masane)Provides Update on Al Masane Al Kobra Mine Activities
6/29/2010South Hampton Resources Signs Five-Year Agreement for Hydroc...
5/5/2010Signs Five-Year $60 Million Contract with New Customer
7/1/2009Nicholas Carter Succeeds Hatem El-Khalidi as President and C...
1/15/2009Announces Business Update Call
12/23/2008Announces Planned Retirement of CEO Hatem El-Khalidi Effecti...
12/16/2008Provides Year-End Business Update
9/19/2008Announces Update on Impact of Hurricane Ike
7/17/2008Provides 2008 Mid-Year Update on Key Business Activities
7/14/2008Announces Approval of All Proposals at 2008 Annual Sharehold...
6/16/2008Announces New Date for 2008 Annual Meeting of Shareholders
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