Wednesday, March 6, 2013

Saudi Arabia boosts Gold production

Saudi Arabia’s Ma’aden company, has just awarded a Korean company, Hanwha Engineering and Construction, the contract to design and build a gravity-CIL gold process plant for its developing Ad Duwayhi gold mine located in the remote Central Arabian Gold Region (CAGR) of the arid country. The contract is worth just over 1 billion Saudi riyals (about US$271 million).
Ma’aden is a diversified mining and minerals company set up by Saudi Royal decree in 1997 to facilitate the development of Saudi Arabia's mineral resources and was originally wholly owned by the Saudi Government before 50% of its shares were floated on the Saudi Stock Exchange (Tadawul) in 2008.

Ma'aden's activities focused on expanding its active gold business which now includes five mines and over 11 million ounces of JORC compliant gold resources at operational and exploration sites.
The plant will refine annually about two million tons of ore from Al-Dowaihi mine in the Makkah province scheduled to operate in 2015 and will produce on average 180,000 ounces of net gold annually, which is equivalent to 1.6 million ounces during the initial expected life of the mine.

The Ad Duwayhi Gold Mine Facility is a key part of Ma’aden’s program to develop several new gold mine facilities in the central western region of Saudi Arabia which contains much of the Kingdom’s gold rich ore deposits.