Saudi mining giant Ma'aden renews focus on gold, aims to produce 250,000 ounces annually | ZAWYA MENA Edition:
Saudi Arabia’s state-run mining firm, Ma’aden, faces a tough task to achieve its goal of more than doubling its gold output by 2025, while higher costs are also hurting production margins. But with prices for the yellow metal in the ascendant, the company’s decision to invest heavily in opening new gold mines looks a smart move.
Founded in 1997 by royal decree, Ma’aden’s three main divisions are phosphate, aluminium and gold. In the first half of 2019, phosphate and aluminium accounted for 49 and 42 percent of sales revenue, with gold generating the remaining 9 percent.
Yet Ma’aden aims to increase the relative importance of its gold mining subsidiary, which in July awarded a 2.3 billion riyal contract ($606 million) to India’s L&T Construction to build production facilities at two new mines at Mansourah and Massarah.
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