Ad Duwayhi Gold Mine

Overview

The project includes the development of the Gravity-CIL gold processing plant on Ad-Duwayhi gold mine site. 

Maaden's subsidiary Maaden Gold & Base Metals Co. signed a SAR 1.018 billion contract with Hanwha Engineering and Construction Co. to develop the project.

The plant is set to be functional by end of 2015. Ad Duwayhi Gold Mine Facility will produce roughly 180,000 ounces of gold per annum, and over 1.6 million ounces over mine lifetime.

Project Information

Industry
  • Mining and metals > metal production
1200.00 (Million Riyal) * Estimate:
180k ounce per annum
Saudi Arabia
Mecca
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Completed
2013
Q2 2016
  • The Saudi Arabian Mining Company (Maaden) owns the full shares of Maaden for Gold and Base Metals.
  • The company announced the signing of a contract with the South Korean Hanwa Engineering and Construction Company, amounting to 1018.0 million riyals, to construct a factory in Al-Duwaihi Mine Q1 2013.
  • The company has signed a financing agreement with the Saudi Industrial Development Fund worth 1.2 billion riyals.
  • The company announced that the pilot operation of the mine will begin October 8, 2015.
  •   Mine reserves are estimated at 1.9 million ounces of gold as at December 31, 2015.
  • The commercial operation started in the beginning of April 2016, and the financial impact will appear during the second quarter of the same year.
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Owners

Name
Percentage
Ma’aden Gold and Base Metals Company
100.00%

Related Parties

Name
Role
Saudi Arabian Mining Company
Indirect Owner
Hanwha Engineering & Construction Co. Ltd
Contractor

Financing Sources

Source
Percentage
Debt
100.00 %

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