With investments of $880 million, “Maaden” awards a contract to operate the Mansoura and Massarah gold mines

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The Saudi Arabian Mining Company “Maaden” announced the signing of a contract to operate the Mansoura and Masarah mines, to carry out drilling operations, removing unstable rocks from the roof and side walls, loading, transporting, unloading, analyzing mineral deposits, drawing surface water, crusher operations, and all related activities. In mines to safely meet Ma’aden’s production goals.
The Mansoura and Masarah mines represent Maaden’s largest gold mining project so far, with a total investment of approximately $880 million, and the project is the latest among Maaden’s six operating mines.
The construction work is witnessing continuous progress in the project, and upon completion it will contribute to making greater use of the Kingdom’s huge mineral wealth, thus contributing to achieving the Kingdom’s Vision 2030 in the mining industry.
The Mansoura and Masarah mines project and its plant are scheduled to reach their maximum production capacity in 2023, to contribute to a quarter of gold production and help achieve the strategic goal of increasing total production to one million sustainable ounces of gold annually.
This investment will enhance Ma’aden’s contribution to the development of local content, as in 2020, 74 percent of private supply chain contracts were awarded through local suppliers, and work is underway to raise this percentage further.
It is noteworthy that Maaden’s gold portfolio contributes to about 20 percent of its revenues currently, and gold is a safe haven against the cyclical fluctuations of the markets and an important factor in stabilizing Ma’aden’s performance throughout the outbreak of the emerging Corona Virus pandemic, Covid-19, and its role will remain pivotal within the operations of Maaden. metals in the future.





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