The Saudi Arabian Mining Company (Ma’aden) has awarded a new $880 million contract at its Mansourah-Massarah gold mines, marking the company’s largest-ever investment in the gold sector.
The agreement was signed for Jac Rijk Al-Rushaid Contracting and Services Company to provide operational mining services at the gold mines. The range of services will include drilling, scaling, loading, hauling, re-handling, ore control, dewatering, crusher feed, and all related production activities at the mines.
It is forecast that the Mansourah-Massarah site will reach full production capacity by 2023 and will represent one-quarter of Ma’aden’s goal to produce 1 million ounces of gold per year by 2025.
The Mansourah-Massarah site is one of six mines in Ma’aden’s portfolio and is part of the company’s bid to boost local production. —AN