Maaden aims to hike gold output through new mine factory, says CEO

Saudi Arabian Mining Co.’s (Maaden) Mansourah Massarah gold mine factory is part of the firm’s strategy to increase gold production to a sustainable one million ounces per year, CEO Darren Christopher Davis said in a statement.

The project will be Saudi Arabia’s first mine run on solar energy, he said, adding that it will also use treated water that is transferred through a 430-kilometer pipe from Taif to the mine’s rural area.

Maaden operates six gold mines in the Western region, including Ad Duwayhi gold mine which started commercial operations in 2017 and produced 275,000 ounces a year after.

Subsidiary Maaden Gold & Base Metals Co. produced about 415,000 ounces of gold in 2018, and aims to hike output to one million ounces per year, as part of Maaden’s strategy for 2025.

According to data compiled by Argaam, Maaden said today that its wholly-owned subsidiary was awarded a turnkey contract for the construction of the Mansourah Massarah gold mine factory for around SAR 2.27 billion ($606 million).