Maaden likely to maintain profit growth in 2019: CEO

Saudi Arabian Mining Company (Maaden) is forecast to maintain profit growth in 2019 despite global economic woes, CNBC reported, citing chief executive officer and president, Darren Christopher.

“Prices are estimated to stabilize at current levels, meanwhile, copper and aluminum prices are seen to drop,” Christopher said.

“Maaden’s significant business growth over the last ten years will seem marginal when compared to the company’s potential investments, given the Kingdom’s recent announcement on the mineral resources’ value that exceeds $1.3 trillion,” he further added.

Maaden seeks to play a key role in the transformation of these resources, in line with the Kingdom’s strategy aimed at a diversified energy mix and value-added renewable energy products.

Earlier this week, Maaden signed several deals on the sidelines of the of the launch ceremony of the National Industrial Development and Logistics Program (NIDLP), including a memorandum of understanding (MoU) with US Boeing to develop the industry of aluminum used in airplane manufacturing.