Tuesday, February 26, 2013

Ma'aden in SAR1bn gold mining deal



Saudi Arabian Mining Company Ma'aden announced yesterday that its affiliate Ma'aden Gold and Base Metals Company (MGBM) has signed a contract for the establishment of Al-Dowaihi Plant for Gold Production with a South Korean company at a cost of more than SR 1 billion.

The plant will refine annually about two million tons of ore from Al-Dowaihi mine in the Makkah province scheduled to operate in 2015, said
Ma'aden Executive President Khaled Al-Mudaifer yesterday.

"The plant will produce on average 180,000 ounces of net gold annually, which is equivalent to 1.6 million ounces during the initial expected life of the mine," Al-Mudaifer said.

Read more: http://www.zawya.com/story/Maaden_in_SAR1bn_gold_mining_deal-ZAWYA20130226025109/

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