The Commerce & Industry Ministry has approved the formation of the Al-Masane al-Kobra Mining Company. The joint stock company will be 50 per cent owned by the US-based Arabian American Development Company. The remaining 50 per cent will be held by Saudi investors. The Saudi investors are contributing $60 million in cash, while Arabian American is contributing its 30-year mining lease in the Al-Masane area of south-west Saudi Arabia.