Latest news with #Ma'aden's
India.com
23-04-2025
- Business
- India.com
Saudi Arabia hits JACKPOT, discovers huge deposit of gold in...., its worth is...
Saudi Arabia hits JACKPOT, discovers gold in...., its worth is... Saudi Arabia gold: A huge gold mine has been discovered in Al Khurma Governorate located in Mecca, Saudi Arabia. It is 100 km away from the mine of Mansurah Masara. According to the researchers, there is a huge amount of gold present in the mine, which is going to benefit Saudi Arabia a lot in the coming times. Drilling in Uruk, located south of Mecca, has yielded some impressive results. According to the report, there is a possibility of getting 10.4 grams of gold in one tonne. Apart from this, there is a possibility of getting 20.6 grams of gold in one tonne at two more places. After the identification of gold, Maden is considering drilling the entire area. For this, they have decided to unearth for 25 kilometers, which extends to Jabal al-Gadara and Bir al-Tawila. However, initial results have revealed that a good amount of gold has been found up to 125 km. With this help, Saudi Arabia can come on top in the list of all the big gold producing countries of the world in the coming time. According to Ma'den's report, the Mansurah Masara mine has so far declared 7 million ounces of gold. Every year 250,000 ounces of gold is extracted from it. Technically this mine is considered one of the most advanced mining projects in Saudi Arabia. Ma'aden's CEO Robert Will on the new discovery of gold said, 'This will take us much ahead in terms of gold across the world. This discovery is in line with Saudi Arabia's Vision 2030 strategy. Public Investment Fund (PIF) has a 67% stake in Ma'aden, which makes this project extremely important not only from an economic but also from a national strategic point of view.' The expansion of the Mansurah Masara mine and the confirmation of reserves in new areas make it clear that Saudi Arabia no longer wants to depend only on oil. Saudi Arabia's new gold discovery not only marks a step toward the country's diversified economy, but will also open up new opportunities for revenue, employment and global investment in the years to come. The global demand for precious metals like gold is constantly increasing. In such a situation, this step of Saudi Arabia can give it a new identity not only in the mineral sector but also on the global economic platform.
Leaders
26-03-2025
- Business
- Leaders
Saudi Arabia Unveils Plans to Invest $2.26b in Gold, Phosphate
Saudi Arabia plans to invest nearly 8.5 billion Saudi riyals ($2.26 billion) in gold and phosphate production projects in 2025. This investment aims to develop the Kingdom's mining sector as part of Vision 2030. Ma'aden, the state-owned mining company, will lead these investments, according to a report by Almal newspaper. The Mansourah-Massarah mine will become Saudi Arabia's largest gold mine, processing 4 million tons of ore annually and producing 250,000 ounces of gold per year. Additionally, Ma'aden is studying capacity expansions for the Mahd Ad Dhahad and Ar Rujum gold mines, aiming to increase production by 200,000 ounces per year each by 2025 and 2026, respectively. Phosphate Projects and Global Impact Ma'aden's third phosphate project, valued at $6.4 billion, will boost Saudi Arabia's phosphate production capacity. This project will make Saudi Arabia the second-largest global phosphate producer, contributing to global food security. The project, located in Al Khurmah governorate, will have a significant production capacity, further enhancing Saudi Arabia's position in the global mining sector. These projects align with Saudi Arabia's Vision 2030, aiming to diversify the economy away from oil. The mining sector is set for rapid growth, with substantial investments and exploration licenses issued since 2019. The Industry and Mineral Resources Ministry has been instrumental in this growth, supporting the development of the mining sector. Saudi Arabia's Mineral Wealth Saudi Arabia holds an estimated $2.5 trillion in mineral wealth, including significant reserves of gold, phosphate, and other minerals. The Kingdom controls 323 tonnes of gold reserves, the largest in the Arab world and 18th globally. The value of these reserves, along with other underground metals, is estimated at over $2.5 trillion. Saudi Arabia's investment in gold and phosphate projects reflects its commitment to economic diversification. These projects will not only boost the mining sector but also contribute to global food security and economic stability. With Vision 2030 as a guiding framework, Saudi Arabia is poised to become a major player in the global mining industry. Short link : Post Views: 26
Zawya
18-02-2025
- Business
- Zawya
Ma'aden's $7.4bln Phosphate 3 project construction work launched
Saudi Arabia - Construction works on Ma'aden's Phosphate 3 project, with investments estimated at SAR28 billion ($7.47 billion), was launched on Monday in Wa'ad Al Shamal Mining City by Northern Borders Region Governor Prince Faisal bin Khalid bin Sultan bin Abdulaziz. He also launched several development and investment projects at a ceremony attended by Minister of Industry and Mineral Resources Bandar Alkhorayef, Vice Minister for Mining Affairs Eng Khalid Al-Mudaifer, and several public and private sector officials, said a Saudi Press Agency (SPA) report. Supported by the Shareek Program, Ma'aden's Phosphate 3 project is one of the region's largest mining ventures and aims to increase Saudi Arabia's phosphate production capacity to 9 million tons annually, including 3 million tons each from the Phosphate 1 and 2 projects. This expansion will contribute to developing the industrial supply chain, creating more investment and employment opportunities. The governor emphasised that these projects reflect the Saudi Vision 2030 goals of developing the mining sector and enhancing its contribution to the national economy. He stressed that Wa'ad Al Shamal has become a model for integrated industrial cities, combining major industries, logistics services, and modern residential communities, which enhances the region's appeal to both local and international investors. The ceremony also included the inauguration of several industrial, logistical, and service projects led by the Saudi Authority for Industrial Cities and Technology Zones (Modon), with investments exceeding SAR550 million. The projects involve developing industrial infrastructure across 4.3 million sq m, constructing 32 ready-built units consisting of 20 factories and 12 support units totaling 45,000 sq m, establishing a 132kV power substation with a 200MVA capacity and overhead transmission lines, and building a 7-km international road link bridge. These initiatives will improve logistics services, enhance energy reliability, and create an attractive investment environment, particularly for transformative industries linked to phosphate production. Furthermore, Prince Faisal inaugurated the expansion of Ma'aden's residential complex in Wa'ad Al Shamal in the presence of Alkhorayef. The expansion includes three new buildings, each containing 32 residential units, totaling 96 units. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Arab News
17-02-2025
- Business
- Arab News
Saudi Arabia unveils $7.7bn mining investments in Wa'ad Al-Shamal
RIYADH: Saudi Arabia's mining sector is poised for a major boost with nearly SR29 billion ($7.7 billion) in investments being directed toward the city of Wa'ad Al-Shamal. Prince Faisal bin Abdulaziz, governor of the Northern Borders region, inaugurated a series of industrial, developmental, and hospitality projects aimed at solidifying the city's role as a major hub for the Kingdom's mining industry. A major highlight of the announcement was the launch of Ma'aden's Phosphate 3 project, backed by the Shareek program and an investment of SR28 billion. This initiative is set to increase Saudi Arabia's phosphate production capacity to 9 million tonnes annually, building upon the existing Phosphate 1 and Phosphate 2 projects, each producing 3 million tonnes. This expansion is expected to bolster the country's industrial supply chain, generate new investment opportunities, and create employment within the sector. The governor emphasized that these projects align with Saudi Vision 2030, which aims to expand the mining sector's contribution to the national economy. He highlighted that Wa'ad Al-Shamal has transformed into a model for integrated industrial cities, combining major industries, logistics services, and modern residential communities, which enhance its appeal to both local and international investors. The event was attended by Minister of Industry and Mineral Resources Bandar Alkhorayef, Deputy Minister for Mining Affairs Khalid Al-Mudaifer, and other key officials from both the public and private sectors. Additionally, the Saudi Authority for Industrial Cities and Technology Zones launched several new industrial, logistical, and service projects, with investments exceeding SR550 million. These projects include infrastructure development in the industrial zone, which spans 4.3 million sq. meters. As part of this initiative, 32 ready-built units have been established, consisting of 20 pre-built factories and 12 support units covering a combined area of 45,000 sq. meters. Further key developments include a 132 kilovolt, 200 megavolt-amperes power substation, overhead transmission lines, and a 7-km bridge connecting the industrial zone to the international highway. These projects aim to improve logistics and energy reliability, creating an attractive environment for investments, particularly in the phosphate industry. In addition, the governor inaugurated the expansion of Ma'aden's residential city in Wa'ad Al-Shamal, adding 96 new residential units. This brings the total number of housing units to 579, supporting industrial and mining sector employees and their families. To complement the region's infrastructure improvements, the Movenpick Wa'ad Al-Shamal Hotel, developed with an investment exceeding SR500 million, was officially opened. The five-star hotel is designed to cater to the growing accommodation demand from workers, investors, and visitors to the industrial city and Northern Borders region, further enhancing Wa'ad Al-Shamal's position as an integrated industrial and investment hub. As part of broader efforts to advance the mining sector, Alkhorayef, along with the deputy minister for mining affairs and other officials, visited several industrial and developmental projects in Wa'ad Al-Shamal and the Northern Borders region. The tour included a visit to the Scientific Excellence School in Arar, where the minister reviewed modern training laboratories and met with students and faculty. Established through a partnership between Ma'aden and the Ministry of Education with an investment of approximately SR180 million, the initiative seeks to promote scientific education and develop expertise in STEM fields. The minister also toured the Saudi Technical Institute for Mining in Arar, which has trained over 1,081 students, including 52 female graduates, in a range of specializations such as underground and surface mining, mining operations, and mechanical and electrical maintenance. Equipped with advanced mining simulation and training facilities, the institute plays a pivotal role in workforce localization and preparing Saudi talent for the mining industry. The tour also included a visit to the Hazm Al-Jalamid mine, one of the Kingdom's key phosphate mining sites, producing more than 11 million tonnes of phosphate ore annually. The Northern Borders region is home to extensive mineral resources valued at approximately SR4.669 trillion. It is a major source of phosphate, a critical element in global food security due to its role in agricultural fertilizer production. The region also contains high-quality deposits of coal, dolomite, limestone, and silica sand. It currently holds five phosphate ore reserve sites and 29 active mining licenses, including 15 for building materials and 14 for mineral extraction.
Asharq Al-Awsat
10-02-2025
- Business
- Asharq Al-Awsat
Saudi Ma'aden Raises $1.25 Billion from Sukuk Issuance
Saudi Arabian Mining Company (Ma'aden) has successfully raised $1.25 billion from its first international issuance of senior unsecured Sukuk, marking one of the most successful inaugural Sukuk offerings in Saudi Arabia's history. The issuance consists of two tranches. The first tranche, with a five-year maturity, is valued at $750 million, comprising 3,750 certificates with an annual yield of 5.25%, maturing on February 13, 2030. The second tranche, with a ten-year maturity, is worth $500 million, distributed across 2,500 certificates, offering an annual yield of 5.5%, and maturing on February 13, 2035. Investor demand significantly exceeded expectations, with total orders reaching $11.5 billion, more than 9.2 times the issuance size. Ma'aden stated that this overwhelming interest was driven by strong demand from global fixed-income investors, underscoring its attractiveness as an investment and its leading role in developing Saudi Arabia's mining sector, considered the third pillar of the national economy under Vision 2030. Ma'aden CEO Bob Wilt emphasized that the success of the company's first international Sukuk issuance demonstrates investor confidence in Ma'aden's growth strategy. 'The market appetite for investing in Saudi Arabia, in mining, and in Ma'aden specifically, is strong, and a sign of the untapped potential seen in the kingdom,' he said. He added that as the company continues implementing its ambitious growth strategy, this financing will support efforts to secure essential minerals that drive the energy transition and long-term sustainable development. Wilt further reaffirmed Ma'aden's commitment to building a globally competitive mining sector that serves as the third pillar of Saudi Arabia's economy. Ma'aden's Executive Vice President of Finance, Louis Irvine, commented that the successful Sukuk issuance reflects the company's financial discipline and strong investor confidence in its future. He welcomed the participation of new investors, stating that their support would play a vital role in solidifying Ma'aden's position as a key driver of the mining sector's growth. He also noted that the proceeds from this issuance will enable the company to effectively execute its expansion strategy across all business segments while maintaining a strong financial structure to support sustainable growth. Ma'aden holds a Baa1 rating with a stable outlook from Moody's and a BBB+ rating with a stable outlook from Fitch. The Sukuk are expected to receive the same credit ratings as the company. The company, in which Saudi Arabia's Public Investment Fund (PIF) holds a majority stake, appointed a consortium of global and regional banks to manage the issuance. These include Citigroup Global Markets Limited, HSBC, Al Rajhi Capital, BNP Paribas, GIB Capital, J.P. Morgan Securities, Natixis, Saudi Fransi Capital, SNB Capital, and Standard Chartered Bank as joint lead managers.
