Saudi Mining Company: Establishes a contract to construct two mines and a metal plant

30-04-2019 Media in\ Riyadh
The Saudi Arabian Mining Company Ma’aden has announced that its wholly-owned subsidiary, Ma’aden Gold and Minerals Foundation, has signed a contract to develop the Mansoura and Mansoura mines and set up their own gold production plant on the Ototec, Larsen and Tobero Group to undertake detailed engineering work, Pre-operating, operating support, and working with Ma’aden to train national, engineering and technical personnel on the operation, maintenance, performance development and local content of project purchases.
Mansoura and Maserah mines are located in the Middle Arabian Shield, one of the richest mineral geological regions in the Kingdom.
The project is the largest gold mine ever, producing an average of 250,000 tons of gold per year over the life of the mine. The total investment in the mine is expected to total about 3.3 billion riyals, equivalent to 880 million dollars. The plant will be able to process up to 4 million tonnes per year of thermal materials found in mineral deposits. This is the first time this type of gold ore has been processed in the Middle East.
Maaden continues to pursue attractive growth investments in the Kingdom. Mansoura and Masrah mines represent a major step for metals not only because they are the largest gold mines at all, but also because of the technical and technical challenges that accompany the treatment of this type of gold ore.
Ma’aden operates six gold mines, including the Duwehi mine, which began commercial production in 2017 with around 275,000 oz in 2018. Ma’aden plans to spend 295 million riyals on the accelerated mining exploration program, which was approved in early 2019, Tripled in Ma’aden’s investment commitment in previous years and aims to shorten the time needed to transfer new discoveries to the development stage.
Ma’aden Gold and Minerals is a wholly-owned subsidiary of Maaden, which specializes in the production and sale of gold, copper, silver and zinc. Gold continues to take the bulk of its production, the first commodity extracted by Ma’aden, which formed the basis for subsequent growth and diversification of metals.
Ma’aden Gold and Minerals has produced approximately 415,000 ounces of precious metal in 2018, and aims to increase this figure to one million ounces annually as part of Ma’aden’s strategy towards 2025.