Ma’aden, the Saudi Arabian Mining Company, has officially started commercial gold production at the Mansourah and Massarah mine complex.
Ma’aden’s Gold Production
This commencement is a significant milestone, boosting Ma’aden’s mining sector status and promising major contributions to Saudi Arabia’s mining industry.
The new facility aims to significantly increase Ma’aden’s gold output. This will positively affect the company’s finances and benefit the regional mining industry. The move strategically strengthens Ma’aden’s global mining presence, showcasing its commitment to growth and sustainability.
Financial Impact of Commercial Production
The onset of commercial production at Mansourah and Massarah is expected to reflect positively in Ma’aden’s financial results, particularly in the first quarter of 2024. This anticipation highlights the company’s confidence in the productivity and profitability emanating from these mines.
This projection does not only underscore the success of the operational strategies employed but also amplifies the company’s role in bolstering the economic fabric of Saudi Arabia.
Discovery of Extensive Gold Resources
The discovery of extensive gold at the Mansourah and Massarah sites highlights Ma’aden’s dedication to exploration and sustainable resource management. Additionally, covering over 100 kilometers, this significant find ranks the mines among the top gold sources in Saudi Arabia and the Middle East.
Furthermore, more than showcasing the region’s rich minerals, this discovery fits perfectly with Ma’aden’s vision and commitment to ethical resource use.
Consequently, the discovery of such major resources underlines Ma’aden’s focus on sustainable growth and its influential role in the mining industry.
Production Capacity, Resource Volume
By the end of 2023, Mansourah and Massarah’s gold resources stood at 7 million ounces, with a yearly production capacity of 250,000 ounces. Moreover, this impressive capacity highlights Ma’aden’s skill in large-scale mining and solidifies its key role in the global gold market.
The company’s strategic investments and focus on increasing production capacity are key in meeting the growing global gold demand. Lastly, Ma’aden’s efforts reflect a significant role in maintaining the global gold supply chain.
Engineering, Procurement Contract for Gold Production Facility
Underlining its commitment to excellence and innovation, Ma’aden Gold and Base Metals, a subsidiary of Ma’aden, has inked an engineering and procurement contract with global giants Outotec Group and Larsen & Toubro. This contract, valued at 2.27 billion Saudi Riyals, aims to establish a state-of-the-art gold production facility at the Mansourah and Massarah mines.
This substantial investment is a clear indication of Ma’aden’s commitment to fostering development and operational excellence within the mine complex.
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