Dr Taher, Dr Faraj and Al Mudaifer at the forum

Dr Taher, Dr Faraj and Al Mudaifer at the forum

Maaden eyes gold reserves

01 July 2014

MAADEN, Saudi Arabia’s mining company, plans to excavate 500,000 ounces of gold across the kingdom and is considering introducing downstream operations in the Al Madina Al Munawarah region, its chief executive said recently.

Khalid bin Saleh Al Mudaifer told a forum organised by IQPC (International Quality and Productivity Centre) and held in the Al Madina Al Munawarah region that Maaden was moving beyond the upstream to develop every mineral in the value chain in the kingdom and pointed out that the Royal Commission was keen on developing Yanbu into a regional aluminium downstream hub.

“What will distinguish our operations in the future is the progression of our strategies from evaluating known mineral sources to discovering new mineral resources,” Al Mudaifer said. “Our main priority now is to maintain a high level of safety and security and to maximise the value of our current gold mining operations at Mahad Al Dahab and Bulgah, and our magnesite processing operations at Madina Industrial City.”

The official also discussed the company’s community service initiatives in the kingdom, showcasing a model of a community centre commissioned for Mahad Al Dahab. He said Maaden recognises its unique position to support communities in which it operates.

Maaden served as the strategic partner of the event.

The forum was held under the patronage of Prince Faisal bin Salman bin Abdulaziz Al-Saud, Prince of the Al Madina Al Munawarah region, and featured a series of keynote sessions from heavyweights in the kingdom’s mining industry.

Dr Abdullah Al Attas, assistant president of the Saudi Geological Survey (SGS), delivered a detailed overview of the mining industry in Saudi Arabia, and reiterated the government’s commitment to the industry in his keynote address.

“The government of Saudi Arabia has invested a substantial amount of money in the mining industry to prepare the groundwork for mining operations in the country.  The kingdom’s two enormous industrial mineral complexes testify to that,” Dr Al Attas said. “The government has also built more than 600 km of railroad to carry minerals from the country’s northern centre to an industrial mineral complex in the Arabian Gulf, and provides the gas and water needed to support the mineral industry. It is clear that the government is investing heavily in a profitable future.”

Dr Mohamed Faraj, chairman of the board of the Madina Chamber of Commerce and Industry, highlighted opportunities for investment in the Al Madina Al Munawarah region and discussed factors that drive industrial material mining in Madina.

“The Chamber of Commerce and Industry in Al Madina Al Munawarah has organised the Mining and Investment Opportunities Forum out of our desire to stimulate the economy in Al Madina Al Munawarah and strengthen the participation of the private sector in the province’s development,” said Dr Faraj.

Dr Khalid Taher, Al Madina secretary general, participated in the forum.

The chamber organised the forum in collaboration with the Ministry of Petroleum and Mineral Resources. Representatives of the ministry were present along with officials from the Saudi Arabian General Investment Authority (Sagia).

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