Saudi Arabian Mining Company, known as Maaden, is launching over 52 investment opportunities valued at SAR4 billion ($1 billion) to enhance private sector involvement. According to Abdullah Al Osaimi, the senior vice president for procurement and business support, SAR1.3 billion of these investments are already being implemented.
Maaden has made significant strides in increasing local content in its procurement processes, with 57.2% of procurements now involving local suppliers, up from 51% the previous year. This shift aims to boost the long-term competitiveness of the company’s operations and the overall mining sector.
The company is pursuing an ambitious goal to expand its operations tenfold compared to 2020, supported by a comprehensive 10-year investment plan. This strategy includes projects worth billions of riyals.
In recent developments, Maaden has reported a threefold increase in net profits, driven by rising commodity prices and reduced raw material costs. Their second-quarter 2024 earnings reached SAR1.02 billion ($260 million), a significant jump from SAR351 million the previous year.
Additionally, in May, Manara Minerals—a joint venture between Maaden and Saudi Arabia’s Public Investment Fund—completed a $2.5 billion acquisition of a stake in a subsidiary of Vale, a major Brazilian metals and mining corporation.
