Saudi Arabian Mining Company (Ma’aden) is rolling out an ambitious growth program to double gold production by 2030 and develop a rare metals supply chain, CEO Robert Wilt has revealed.
Ma’aden produced 495,000 ounces of gold in 2024 and aims to significantly increase output by 2030. “We will blow people’s hair back with the scale of the reserve, and how quickly we are going to get there in terms of production,” Wilt told the Financial Times, emphasizing the company’s commitment to organic growth and the development of a rare metals supply chain.
To reach its goals, Ma’aden plans to allocate nearly $2.5 billion annually over the next five years to develop local resources, including copper, gold, and rare earths. Darryl Clark, Ma’aden’s Senior Vice President of Exploration & Resource Development, revealed that the firm invests about SAR 750 million ($200 million) a year in gold and copper exploration.
Strategic Collaborations and Exploration
Ma’aden is utilizing Saudi Aramco’s geological data to identify exploration targets and areas of high potential, particularly for copper. The company is also collaborating with industry giants Barrick Mining and Ivanhoe Electric to boost its exploration efforts. Additionally, Ma’aden plans to enhance its overseas investments through its international arm, Manara.
Recent drilling results at the Mansourah-Massarah mine have shown strong gold mineralization beneath current zones and high-quality extensions at depth. These findings highlight the mine’s future mining potential and underscore Ma’aden’s commitment to expanding its gold production capacity.
“We are all about speed and scale,” Wilt emphasized, noting that the company is making a tremendous effort that will really move the needle in the mining industry.
