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Tuesday, 11 October 2011

Saudi gold miner shines for investors - The National

Saudi Arabian Mining Company is catching the eye of investors looking to benefit from the recent gold rally.

The metals producer, also known as Ma'aden, earns 95 per cent of its revenues from gold with 9.2 million ounces of potential reserves, two recent mine discoveries and plans to triple its gold production by 2015. Ma'aden sells gold on the spot market at the London Metal Exchange.

Ma'aden's shares, listed on the Saudi Tadawul exchange, have surged 15 per cent since the start of this year, tracking gains in the spot gold market. "For retail investors, buying Ma'aden's stock is as good as buying gold," said Hisham Tuffaha, the head of asset management at the Bakheet Investment Group, based in Riyadh.