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Saudi Arabian mining giant Ma'aden awards operations contract on $880 million gold project

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(Kitco News) - On June 10th, the Saudi Arabian Mining Company (Ma'aden) announced that it has signed a contract with Jac Rijk Al-Rushaid Contracting & Services ("JRARCS") to provide operational mining services at the Ma'aden's Mansourah & Massarah gold mines, which - at an investment value of $880 million - is Ma'aden's largest and most ambitious gold project to date.

According to the statement, JRARCS will operate drilling, scaling, loading, hauling, re-handling, ore control, dewatering, crusher feed, and all related activities at the mines to safely meet Ma'aden's production targets.

The company said that JRARCS is a leading player in the local mining infrastructure industry in Saudi Arabia, and a reliable and experienced partner to Ma'aden at the Ad Duwayhi and As Suq gold mines.

Once the Mansourah & Massarah site reaches full production capacity, which is on track for delivery by 2023, it is it expected to contribute one quarter of gold production towards Ma'aden's strategic target of 1 million ounces per year by 2025, the company said in a press-release.

Ma'aden's gold portfolio currently makes up ~20% of the company's revenue. The countercyclical commodity was an important factor in Ma'aden's stable performance throughout the pandemic and will remain central to its operations in the future, the company added. 

Ma'aden is one of the fastest growing mining and mineral materials companies in the world and the largest mining company in the Middle East. Nationally, it aspires to be Saudi Arabia's national mining champion and to explore more growth opportunities in the fields of phosphate, aluminium, gold, base metals and industrial minerals while seeking to stimulate the growth of the mining sector as a whole.

Globally, Ma'aden is pursuing a strategy of growth by leveraging from the Saudi resources and investing in acquisitive and expansionary growth ventures related to the mining industry.

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