Saudi Arabian Mining Company plans to produce 100 tons of gold

Published February 16th, 2005 - 03:34 GMT

Saudi Arabian Mining Company (Maaden), which is seeking foreign investment to implement several projects, plans to produce 100 tons of gold within 10 years.


Dr. Abdullah Dabbagh, president and chief executive officer of Maaden, said he was hopeful that the newly revised mining investment law would attract more foreign funds to the sector. The law, which was approved by the Cabinet on Sept. 13, 2004, is expected to make the mining sector the third pillar of the economy, alongside hydrocarbons and petrochemicals.


"Maaden plans to produce 100 tons of gold within 10 years and this requires SR2 billion in investments," said Muhammad Hani Al-Dabbagh, vice president for precious metals operations.


Maaden was established with a capital of SR4 billion in 1997 in order to utilize the Kingdom's rich mineral resources.


According to Arab News, the president hopes that $7 billion worth of projects planned by Maaden, which currently employs 600 people, will create tens of thousands of jobs.


The company also plans a phosphate fertilizer plant at Ras Al-Zawr, powered by a new oil-fired power station, with exports facilitated by a planned port. Dabbagh puts the cost of the project at $4.6 billion, against the $1.2 billion at Maaden's disposal.


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