Ajlan & Bros aims to list mining unit by 2029, 2030

Fahad Alenezi, CEO of Ajlan & Bros Mining and Metals

Ajlan & Bros Holding seeks to list its first mining subsidiary on the Saudi Exchange (Tadawul) between 2029 and 2030, Fahad Alenezi, CEO of Ajlan & Bros Mining and Metals (ABM) told Argaam on the sidelines of the Future Minerals Forum (FMF).

Alenezi explained that the group is working to strengthen its competitive position and increase its share in the mining sector by localizing industries and technologies to attract foreign investment.

He added that the group’s investment portfolio reached about 35% of its total investment target of SAR 50 billion by 2030, as part of its strategy to diversify investments and expand in the mining and metals sector.

He further noted that the company’s capital stands at around SAR 1.2 billion.

The top executive pointed out that the group currently owns more than 39 sites covering copper, gold, silver, zinc, and other minerals, noting that the company began its structured entry into the sector in 2021.

He also stated that the group has global partnerships with international mining companies, including China’s Zijin Mining in copper and gold exploration, in addition to other partnerships across various sites within the Kingdom.

On production, Alenezi said the group plans to begin producing certain mineral feedstock this year at volumes that may exceed 120,000 tons, increasing gradually to 700,000-800,000 tons. The group also targets to produce over 800,000 tons of concentrates by 2030.

On mining licenses, he said Ajlan group currently holds 39 exploration licenses and one for mining.

Alenezi added that the company signed an agreement today, Jan. 20, with Saudi Aramco and Namaat to develop a zinc smelter under a project valued at around $820 million. He noted that the company owns a precious metals refinery focused on gold, silver, platinum, palladium, rhodium, ruthenium and iridium, metals widely used in catalyst industries.

Moreover, Alenezi explained that the Saudi market consumption nears 400,000 ounces of platinum, palladium, rhodium, ruthenium and iridium. The company aims to localize the mining of these minerals in the Kingdom, while continuing to develop economically viable refineries and smelters, particularly along the silver manufacturing chain.