Saudi Arabian Mining Company (Ma’aden) said initial groundworks and early construction work are underway on the first phase of the Phosphate 3 mega-complex.
Ma’aden said the development of a new aluminium recycling plant at Ras Al-Khair has been approved, which will produce nearly 400,000 MT annually.
Mansourah-Massarah gold mine is now fully operational and will support production increase this year.
The project will produce 250,000 ounces of gold annually, according to the company’s Q4 2024 investor presentation.
Greenfield drilling continues with exploration activity focused on Urug South discovery, which has the potential to become a world-class gold belt.
Parallel structures to the belt are now being drilled to further define the extent and quality of mineralisation, the company said.
The acquisition of 10% of Vale Base Metals by Manara Minerals has completed post-period end and is set to significantly increase Ma’aden’s exposure to green metals, critical to the global energy transition.
Manara Minerals is a joint venture between Ma’aden and the Public Investment Fund.