Ma’aden awards $880m gold mining contract

gold mining contract aden maaden
Middle East

Ma’aden awards $880m gold mining contract

The Saudi Arabian Mining Company (Ma'aden) has awarded a new $880 million contract at its Mansourah-Massarah gold mines, marking the company's largest-ever investment in the gold sector. The agreement was signed for Jac Rijk Al-Rushaid Contracting and Services Company to provide operational mining services at the gold mines. The range of services will include drilling, scaling, loading, hauling, re-handling, ore control, dewatering, crusher feed, and all related production activities at the mines. It is forecast that the Mansourah-Massarah site will reach full production capacity by 2023 and will represent one-quarter of Ma'aden's goal to produce 1 million ounces of gold per year by 2025. The Mansourah-Massarah site is one of six mines in Ma'aden's portfolio and is part of the company's bid to boost local production. Gold currently accounts for around 20 percent of Ma'aden's revenues. Ma'aden on Sunday also announced the completion of the pre-operational stage at its third ammonia plant in Ras Al-Khair Industrial City. The $900 million project is expected to be completed in the fourth quarter of 2021 and will start operations in the first quarter of 2022, the Saudi Press Agency reported. The ammonia plant is the first project as part of Ma'aden's $6.4 billion Phosphate 3 expansion plan, which