Maaden unit signs gold plant deal
Riyadh, February 27, 2013
Saudi Arabian Mining Company (Ma'aden) has announced that its affiliate Ma'aden Company For Gold and Base Metals has signed a contract for with a South Korean company for the establishment of Al-Dowaihi gold plant.
The contract is valued at more than SR1 billion, said a Saudi Press Agency report.
Ma'aden executive president Eng. Khalid bin Saleh Al-Mudaifer said in a statement that the plant will refine annually about two million tons of crude from Al-Dowaihi mine in Makkah region, said.
The plant will start operation in 2015 amd produce approximately 180,000 ounces of net gold per year, which is equivalent to 1.6 million ounces during the initial expected life of the mine, said the report.