Maaden posts robust figures on all levels, says CEO

Saudi Arabian Mining Co. (Maaden) reported solid financials across the board for fiscal year 2017, driven by higher production rates, cost-cutting measures, as well as improved selling prices, CEO Khalid bin Saleh Al-Mudaifer said in a statement.

The positive results were backed by producing 330,000 ounces of gold, a 48 percent increase year-on-year (YoY), boosted by the Ad Duwayhi gold mine.

Maaden Aluminium produced 916,000 tons of aluminum, up 6 percent YoY in 2017, while copper production leapt 56 percent YoY.

“Maaden will capitalize on the Kingdom’s focus on mining, in line with Saudi Vision 2030,” Al-Mudaifer said.

The Saudi mining giant reported a consolidated net profit of SAR 714.8 million for fiscal year 2017, versus net losses of SAR 10.7 million in FY 2016.