Saudi Arabian Mining Company slated for privatization
The Saudi government is planning to privatize the Saudi Arabian Mining Company (Maadan) by the year 2004. The company’s sale will be facilitated by an new mining law, anticipated to come into effect by year’s end, reported the National Commercial Bank (NCB).
Currently, foreign mining companies are required to form joint ventures with Saudi firms in order to carry out mining activities in the Kingdom. The new law will eliminate this condition and open up the sector to complete foreign ownership, allowing international companies to tap into the Kingdom’s gold, silver and other mineral deposits.
Established in 1997, Maadan operates along commercial lines as a shareholder owned company. Today, the sole shareholder is the state and mining projects owned in whole or in part by the government have been consolidated into the company. Maaden currently produces 120,000 ounces of gold, 300,000 ounces of silver and 900 tons of copper annually. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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