|21 July, 2019

Saudi Maaden unit inks $606mln contract with Outotec and Larsen Consortium

Production is expected to start in the second quarter of 2022

Photo used for illustrative purpose only. A view is seen of the processing plant at the Merian gold mine, owned and operated by the Newmont Suriname mining company, in Sipaliwini district, Suriname, October 7, 2016. Picture taken October 7, 2016

Photo used for illustrative purpose only. A view is seen of the processing plant at the Merian gold mine, owned and operated by the Newmont Suriname mining company, in Sipaliwini district, Suriname, October 7, 2016. Picture taken October 7, 2016

REUTERS/Ranu Abhelakh - RTSREE0

Riyadh – Maaden Gold and Base Metals Company, wholly owned by the Saudi Arabian Mining Company (Maaden), has signed a SAR 2.27 billion ($606 million) contract with Outotec and Larsen &Toubro Consortium.

The 36-month contract will handle engineering, procurement, and construction of the Mansourah & Massarah Gold Project, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The lump-sum turnkey contract includes complete engineering, procurement, construction, pre-commission, commissioning, start-up assistance and training services for the project.

Mansourah Massarah Project will produce an average of 250,000 ounces of gold per year throughout the life of mine, which is 12 years.

Maaden Gold noted that construction work is planned to start from the date of signing the contract.

Production is expected to start in the second quarter of 2022.

Moreover, the financial impact of the deal is estimated to begin in Q2-2022, whereas the ramp-up will be thereafter.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Energy