Saudi Arabian Mining Company (Ma’aden) has awarded a mining services contract for its $880 million Mansourah & Massarah gold mines.
The contract, signed with Jac Rijk Al-Rushaid Contracting and Services Company, is to provide operational mining services at the project site, Ma’aden said in a statement. It didn’t disclose the value of the deal.
The Mansourah & Massarah site is set to reach full production in 2023. The project is expected to contribute one quarter of gold production towards Ma’aden’s strategic target of 1 million ounces per year by 2025.
The miner, in which the kingdom's sovereign wealth fund Public Investment Fund has a majority stake, also said Sunday it has nearly completed the $900 million ammonia plant in Ras Al-Khair Industrial City.
It expects construction to be completed in the fourth quarter of 2021, with full activation in Q1 2022, it said.
The ammonia plant is the first project in the $6.4 billion Phosphate 3 expansion to Ma’aden’s phosphate fertilizer portfolio, which encompasses the full mine-to-market development process of phosphate fertilizers.
The Phosphate 3 expansion will add three million tonnes of phosphate fertilizer production capacity to Ma’aden’s portfolio.
The Saudi-listed miner reported a Q1 2021 net profit of 761.15 million riyals.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021