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Saudi Arabian Mining Company (Maaden) has announced the start of commercial production at the Mansourah & Massarah gold processing plant.
The financial impact of commercial production is expected to reflect on the company's financial results in the first quarter of 2024, the company said in a statement on the Saudi stock exchange on Thursday.
In August 2022, the company announced that expected trial operations to start in the fourth quarter of 2022, as the construction of the gold mine factory was almost complete.
Maaden Gold & Base Metals Company, the mining major’s wholly-owned unit, awarded a SAR2.27 billion ($606 million) engineering, procurement and construction (EPC) contract in May 2019 to Outotec and Larsen & Toubro consortium to develop the project.
In June 2021, the company said the Mansoura and Masarrah project would produce 250,000 ounces of gold annually when fully operational.
Read more: Saudi’s Maaden announces discovery of significant new gold reserves
Saudi targets one million ounces of gold production by 2030
Saudi firm awarded gold mining deal
(Writing by D Madhura; Editing by Anoop Menon)
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