Maaden Gold CEO expects Mansourah-​Massarah gold mine to be completed by May 2022

Logo of Maaden Gold and Base Metals

Ameen Alghamdi, chief executive officer (CEO) of Maaden Gold and Base Metals Co. (MGBM), a wholly-owned subsidiary of Saudi Arabian Mining Co. (Maaden), expects construction to be completed in the Mansourah-​Massarah gold mine project by May 2022. 

The project's total costs, excluding operating expenses, might reach SAR 3.3 billion, Alghamdi told Al-Arabiya TV. 

The size of investments in the project, including operation of the mine, will likely be far higher and might even be double this amount, depending on the scope of work, life span of the mine, and extraction costs. 

The project is important for the company, as it aims to produce 260,000 ounces annually, or 40% of the company's current total production, and 25% of target gold production in the future, Alghamdi added. 

Maaden recently inked a contract with a global major consortium for providing mining services. The contract falls within the phases of the development and implementation of Mansourah-​Massarah  mine and factory, the Kingdom's largest gold mine, Argaam reported. 

In July 2019, Maaden announced that MGBM awarded a SAR 2.27 billion ($606 million) contract to Outotec and Larsen & Toubro consortium to develop the Mansourah-Massarah gold mine, Argaam reported.