Saudi Arabian Mining Co. (Maaden) headquarters
Saudi Arabian Mining Company (Maaden) announced today, Jan. 18, starting commercial operations at Mansourah-Massarah gold mine, according to a statement to Tadawul.
The financial impact is expected to be realized starting from Q1 2024.
In 2021, Maaden inked a contract with a major global consortium for providing mining services. It came as part of the development and implementation phases of Mansourah-Massarah mine and factory, the Kingdom's largest gold mine, Argaam earlier reported.
In July 2019, Maaden announced that its wholly-owned unit, Maaden Gold & Base Metals Co. (MGBM), had awarded a SAR 2.27 billion ($606 million) contract to Outotec and Larsen & Toubro consortium to develop the Mansourah-Massarah gold mine.
Mansourah-Massarah gold mine runs with a production capacity of nearly 250,000 ounces per annum.
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