RIYADH: Saudi miner Amak received gross proceeds amounting to SR609.3 million ($162 million) from last month’s intial public offering, the company has announced. The Najran-based firm, formally known as Al Masane Al Kobra, saw net proceeds of SR594.8 million from the deal, with related company expenses of SR14.5 million. Amak also settled an outstanding medium term Tawarroq loan of SR29.2 million using the general purpose IPO proceeds of SR176.7 million, leaving the balance of general purpose IPO proceeds at SR147.5 million. Amak will become debt-free after settling this loan, leaving it with only loans provided by the Saudi Industrial Development Fund, according to the statement. As of Wednesday’s opening bell, Amak shares were trading at SR96, 39 percent up from March 3, when the company debuted at SR69.30. The firm"s annual production capacity currently lies around 40,000 ounces of gold, 8,000 tons of copper, and 25,000 tons of zinc.