Maaden to unveil acquisitions abroad by year-end: CEO

23/07/2024 Argaam

Maaden to unveil potential acquisitions abroad by year-end: Chairman

Robert Wilt, CEO of Saudi Arabian Mining Co. (Maaden)

Saudi Arabian Mining Co.’s (Maaden) CEO Robert Wilt said work is underway on several acquisition opportunities abroad, the due diligence for which is at advanced stages ahead of being unveiled by year-end, Al Arabiya TV reported.

 

Maaden aims to become one of the largest mining companies worldwide by 2040, through both organic and inorganic growth.

 

Organic growth includes completing the construction of the largest gold mine in the Kingdom, with further prospects based on recent discoveries. Additionally, construction works are set to begin on the third major phosphate complex, which will add three million tons of phosphate fertilizers by 2027.

 

Some organic-focused expansion plans are underway, including into aluminum. Accordingly, Maaden will invest over SAR 100 billion for the comprehensive growth and development of mineral resources in the Kingdom.

 

As for the inorganic growth, Wilt cited the company’s joint venture (JV) with the Public Investment Fund (PIF), given its significant investments in global mining leader, Vale, which operates in Canada, Indonesia, and Brazil.

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