Saudi Arabian Mining Co. (Ma’aden) has 45 active projects ongoing across all stages of exploration and development - four times more than in 2022.

Zawya Projects compiled updates on the company’s projects shared in its second quarter and first half 2023 financial statement as follows:

  • Mansourah-Massarah gold project remains on track to begin commercial production in second half of 2023.
  • The company expanded its exploration programme with another 88 kilometres (km) drilled in the second quarter of 2023, bringing the total for the first half to 194km, a higher number than the whole of 2022. The company on track to drill over 400km in 2023.
  • The completion of the Manara Minerals transaction with Vale, which is subject to global regulatory approvals and other customary conditions, is expected to be completed in the first quarter of 2024.
  • Preparatory work is underway under the joint venture of Ivanhoe Electric, and a proprietary Typhoon geophysical surveying system is expected to arrive in the field by September. Surveying programmes are scheduled to commence in the second half of 2023.
  • Production continues to ramp up across the aluminium business unit despite operational challenges in the first quarter of 2023.
  • The intensive pot relining programme at Ras Al-Khair was completed ahead of schedule, increasing molten metal production by 52 KMT (+41 percent) sequentially in second quarter 2023, with the run rate expected to ramp up further in the third quarter.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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