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Saudi Arabian Mining Company (Maaden) is looking at upstream growth through domestic and international joint ventures and partnerships to secure new sources of minerals and metals by minimising exploration risk, CEO Robert Wilt said in the 2022 earnings release issued on Monday.
“We are focused on sustainable growth and financial discipline supported by a capital allocation framework set to deliver long-term shareholder value. We will continue to invest in our operations and the exploration of the Kingdom,” he added.
On the growth side, initial commercial production at Mansourah-Massarah and kick-off of Phosphate 3 Phase 1 project are on track for the second half of 2023.
The Mansourah-Massarah plant is likely to produce an average of 250,000 ounces per annum of gold, the statement said, noting that Maaden’s largest gold project will be part of its plans to expand production significantly.
The company signed a notice of award for an Engineering, Procurement and Construction Management (EPCM) services contract with Worley Arabia Limited and JESA International S.A. for the construction of the Phosphate 3 Phase 1 project, an integrated production complex in Wa’ad Al Shamal and Ras Al-Khair that will produce 1.5 metric tonnes per year of phosphate fertilisers.
Joint ventures and partnerships
New JV with PIF to invest in mining assets globally: The new company will be 51 percent owned by Ma’aden and will initially invest in iron ore, copper, nickel, and lithium, as a non-operating partner, taking minority equity positions in mining assets globally and will significantly expand Ma’aden’s international footprint as part of its growth strategy.
Strategic partnership with Ivanhoe Electric (IE) to explore strategic minerals in Saudi Arabia: Signed Heads-of- Agreement to acquire a 9.9 percent interest in IE and form a joint venture to explore highly prospective areas in the Kingdom. Ma’aden will have access to IE’s proprietary Typhoon technology, helping to accelerate, de-risk and advance geophysical exploration.
Extended relationship with Barrick Gold Corporation: Building on the already successful copper JV, two new JV agreements have been entered into with Barrick to explore and develop the Jabal Sayid South and Umm Ad Damar license areas.
(Writing by D Madhura; Editing by Anoop Menon)
