Search form

Last updated: 7 min 26 sec ago

You are here

Business & Economy

Ma’aden in SR 1 bn gold mining deal

Saudi Arabian Mining Company Ma'aden announced yesterday that its affiliate Ma'aden Gold and Base Metals Company (MGBM) has signed a contract for the establishment of Al-Dowaihi Plant for Gold Production with a South Korean company at a cost of more than SR 1 billion.
The plant will refine annually about two million tons of ore from Al-Dowaihi mine in the Makkah province scheduled to operate in 2015, said Ma'aden Executive President Khaled Al-Mudaifer yesterday.
“The plant will produce on average 180,000 ounces of net gold annually, which is equivalent to 1.6 million ounces during the initial expected life of the mine,” Al-Mudaifer said.
MGBM operates five gold mines in the Kingdom, which have produced more than 4 million ounces of gold since 1988. MGBM is developing a new gold zone in the Central Arabian Gold Region (CAGR) and also carries out an extensive precious and base metals exploration development program.
Mahd Al-Dahab Gold Mine in Madinah is one of the oldest mining sites in Saudi Arabia, with carbon dating of ancient slag indicating two separate periods of mining activity.

MORE FROM Business & Economy