Maaden’s investments exceed SR100bn

Updated 28 October 2015
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Maaden’s investments exceed SR100bn

RIYADH: Saudi Arabian Mining Company (Maaden) has more than 25,000 employees in the mining sector and has invested SR100 billion in its various projects.
Maaden Chief Khalid Al-Mudaifer made this announcement during his keynote speech at the Saudi Mining and Minerals Conference.
“We have invested SR100 billion in various projects,” he said, adding that they generate good revenues.
He recalled that Maaden became a public company in 2008 and ever since it has been meeting success after success.
Profits from mining for phosphate, aluminum, gold and copper, were doubled reaching SR11 billion.
He said Ras Al-Khair Industrial City located 80 km north of Jubail. Its total current joint investments has reached  nearly SR130 billion.
Maaden was formed by a Royal decree in 1997 to facilitate the development of Saudi Arabia’s mineral resources and was originally wholly owned by the Saudi Government before 50 percent of its shares were floated on the Saudi Stock Exchange (Tadawul) in 2008.
Initially Maaden’s activities focused on expanding its active gold business which now includes five mines and over 11 million ounces of JORC compliant gold resources at operational and exploration sites.
Maaden has also developed its activities beyond gold with the development of Maaden Phosphate Company, which started production in 2011, its aluminum project and a number of other projects. Maaden’s exploration teams are working to expand available resources in existing business areas as well as to broaden the company’s mineral portfolio. 
Maaden has adopted a 2022 strategy “Maaden 2022“, which has been set for growth and profitability.
The growth is targeted to be higher than 15 percent per annum through 2022 and average ROIC higher than 10 percent to be reached over next 10 years.
Maaden is targeting to become among the top 10 producers in all export-oriented industries while maintaining cash costs in at least the second quartile in each industry.
The diversified portfolio initially focuses on precious metals, phosphate and aluminum, it considers expansion into other minerals in Saudi Arabia on commodity-based businesses.
Maaden will invest in the downstream products if such products support profitable growth in the core business.
“Maaden 2022” focuses on exploration to maximize value from existing licenses quickly, and proactively acquiring new licenses in high priority minerals.


US won’t send officials to China’s Belt and Road Forum

Updated 10 min 14 sec ago
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US won’t send officials to China’s Belt and Road Forum

  • Leaders from 37 countries and officials from dozens more are expected to attend the Belt and Road Forum from Thursday to Saturday
  • Chinese Foreign Minister Wang Yi told journalists at a briefing last week that US diplomats, state government representatives and members of the business community would be attending the forum

BEIJING: Washington will not send officials to a Beijing summit on Chinese President Xi Jinping’s signature global infrastructure project, the US embassy said Wednesday amid a raft of disputes between the two powers.
Leaders from 37 countries and officials from dozens more are expected to attend the Belt and Road Forum from Thursday to Saturday, but Washington has dismissed the initiative as a “vanity project.”
“The United States has no plans to send officials from Washington to the Belt and Road Forum,” a US embassy spokesperson told AFP in an email.
“We call upon all countries to ensure that their economic diplomacy initiatives adhere to internationally-accepted norms and standards, promote sustainable, inclusive development, and advance good governance and strong economic institutions,” the spokesperson said.
Chinese Foreign Minister Wang Yi told journalists at a briefing last week that American diplomats, state government representatives and members of the business community will be attending the forum.
At the first Belt and Road summit in 2017, the US was represented by White House adviser Matt Pottinger.
Since then, more countries have signed up to Belt and Road, most notably Italy, which became the first G7 nation to join the global scheme that aims to link Asia to Europe and Africa through massive investments in maritime, road and rail projects.