Maaden says Mansourah & Massarah plant's construction almost done, trial ops set in Q4 2022

Saudi Arabian Mining Co. (Maaden) building

Saudi Arabian Mining Co. (Maaden) announced that the construction of Mansourah & Massarah gold mine plant is almost complete.

In a bourse statement, Maaden added that the pre-commissioning activities were launched.

The trial operations are expected to start in the fourth quarter of 2022, and the relevant financial impact will appear during the same period.

According to the statement, the project’s contractual completion date was extended to Q3 2022.

Maaden previously estimated the project completion and start of the trial operations by Q2 2022. However, due to the unforeseen construction phase circumstances, especially COVID-19 pandemic, the project’s contractual completion date was extended.

The Tadawul-listed firm added that there is no change in the project scope, and therefore the associated costs were not changed.

Maaden recently inked a contract with a global major consortium for providing mining services, as part of the development and implementation of Mansourah & Masarrah mines and factory, according to data available with Argaam.

Maaden’s wholly-owned unit, Maaden Gold & Base Metals Co., awarded a SAR 2.27 billion ($606 million) contract to Outotec and Larsen & Toubro consortium to develop the Mansourah & Massarah gold project.