Saudi Arabian Mining Company's (Maaden) new aluminium recycling plant at Ras Al-Khair is in its pre-feasibility stage, according to its fourth quarter 2024 financial statement.

The bankable feasibility stage is expected in the third quarter of 2024.

The plant, which got the board's nod in the first quarter of 2024, will have an annual capacity of 400,000 metric tonnes.

No details were given on the construction timeline and costs.

The large-scale phosphate 3 project is progressing, with early construction underway.

The project will reach 1.5 million tonnes annual capacity by the end of 2026.

Mansourah-Massarah, Maaden's largest gold mine, is fully operational and on track to produce 250,000 ounces of gold in 2024.

The company said it will continue to identify and drill targets across the Central Arabian Gold region, particularly Uruq South, Umm Salaam, and Massarah North, alongside expansion drilling on parallel structures within the belt, according to the financial statement.

In June 2024, Zawya Projects reported that Maaden was awarded An Nimas site in the Aseer region within the fifth exploration licensing round. Spread over an area of 222 square kilometres, the site holds potential for copper, gold, zinc and silver.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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