Saudi Arabian Mining Company (Maaden) provided full-year capital expenditure (CAPEX) guidance of 15.5 billion Saudi riyals ($4.13 billion) for 2026.

The capex includes SAR 12.6 billion ($3.4 billion) for growth projects, according to the company's 2025 financial statements.

The growth capex includes the completion and commissioning of phase 1 of the Phosphate 3 project, further progress at Ar Rjum and the aluminum recycling center, as well as strategic initiatives such as project studies, technology, and others.  

Phase one of the Phosphate 3 mega-complex is expected to be completed by the end of 2026, with production starting in 2027.

The plant will add 1.5 million tonnes (MT) annual capacity by the end of 2026.

Maaden reported revenue of SAR 10.6 billion, an increase of 7 percent year-on-year (YoY) and net profit attributable to shareholders of SAR 1.7 billion compared to a SAR 106 million loss in the prior year.

Last year, Ma’aden had set capex guidance at up to $3 billion. Key contracts awarded in 2025 included:

Three major contracts worth a total of $922 million related to the development of its third phosphate fertiliser manufacturing project.

A $104 million Engineering, Procurement, and Construction Management (EPCM) contract to Bechtel for Ar Rjum Mine.

The mining giant awarded an engineering, supply and installation contract worth €128 million ($149 million) to Finland's Metso for a gold processing plant at the Ar Rjum mine. The order was booked by Metso in the third and fourth quarters of 2025, though an official statement was issued in January 2026.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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