Ma’aden reports first quarter 2023 results

Ma’aden reports first quarter 2023 results

RIYADH - Saudi Arabian Mining Company (“Ma’aden” or the “Company”, 1211 on the Saudi Exchange), the largest multi-commodity mining and metals company in the Middle East, today reported its financial results for the quarter ended 31 March 2023. The Company continues to drive transformation across its business and establish strategic partnerships to deliver long-term growth in line with Ma’aden’s 2040 strategy and to leverage Saudi Arabia’s mineral endowment.

QUARTERLY HIGHLIGHTS

Securing long term growth through strategic partnerships and project delivery:

- Joint venture with PIF to expand international footprint, diversify Ma’aden’s product mix and securing supply of the kingdom’s strategic minerals.

- Joint venture with Ivanhoe Electric giving access to breakthrough technology to accelerate exploration activity by six times.

- Strategic partnership with Shareek to support growth across Ma’aden’s asset portfolio and with the Ministry of Investment to accelerate delivery of the Ma’aden’s Phosphate 3 mega project.

- Commissioning activities ongoing at Mansourah-Massarah, Ma’aden’s largest gold project expected to produce an average of 250,000 ounces per annum, with initial commercial production on track for H2-FY23.

Growth in sales volumes and strong cash generation offset by lower commodity prices and one-off items

- Higher Granulated Fertilizer and Ammonia sales volumes offset by lower commodity prices driving revenue of SAR