Maaden eyes global expansion: report

Saudi Arabian Mining Company (Maaden), the Kingdom’s biggest metals producer, is looking to expand internationally through buying phosphate and copper assets outside the Kingdom, Chief Executive Khaled Al-Mudaifer told Reuters.

“We will be looking to invest outside the Kingdom through acquisitions and future mergers to ensure better marketing for our products,” he was quoted as saying.

Phosphate production is the company’s main focus, in addition to developing the production capacity of industrial metals to support the Kingdom’s Vision, Al-Mudaifer said on the sidelines of the Future Investments Initiative.

The Public Investment Fund (PIF) currently owns a 49.9 percent stake in Maaden, while the government directly owns 15.4 percent.

The government is satisfied with the stake percentage it owns in the company, he said.

The miner is refinancing its aluminum business this year and will finance two gold mining projects through the Saudi Industrial Development Fund, its own liquidity and Islamic sukuk, Al-Mudaifer added.

“Gold prices have rallied this year, fueling more interest in mining projects. Maaden’s budget has liquidity of $1.5 billion to finance its growth,” he was quoted as saying.