Maaden seen to maintain 2024 strong performance: CEO

Bob Wilt, CEO of Saudi Arabian Mining Co. (Maaden)

Bob Wilt, CEO of Saudi Arabian Mining Co. (Maaden), said the implementation of the company’s expansion plans requires a disciplined capital-spending program.

The mining major plans to invest around SAR 8.5 billion in 2025, with most of the spending allocated to growth-driven projects such as phosphate, aluminum, and gold, Wilt said in the earnings call attended by Argaam.

The company continues to strengthen its sustainable growth strategies, the CEO said, pointing out that the robust performance achieved in 2024 continues with strong momentum in 2025, thanks to its commitment to operational excellence and disciplined growth.

Maaden continues to enhance sustainability, as recycled water consumption increased to 70% instead of groundwater, Wilt said, noting that sustainability, diversity, and talent development will be key to realizing the company’s targets.

Regarding strategic expansions, Wilt said Maaden is making progress in talks with Saudi Aramco to establish a joint venture for mineral exploration. This collaboration will combine Aramco’s expertise in data and exploration with Maaden’s experience in the mining sector, to accelerate the exploration efforts across the Arabian Shield, including strategic minerals such as lithium.

Maaden is working to establish itself as the third pillar of the Saudi economy, leveraging the country’s vast mineral wealth, which is estimated at $2.5 trillion.

On the financial side, the CEO confirmed that the company strengthened its financial structure through issuing its first international sukuk worth $1.25 billion, supporting its ambitions to expand aluminum operations. He noted that these early moves reflect the company’s drive to achieve sustainable growth in 2025.

Meanwhile, the CEO emphasized that Maaden is closely monitoring market trends for 2025, driven by low inventory levels in key markets such as India and the Americas, and stability in global ammonia supplies after disruptions in 2024.

He expects phosphate fertilizer demand to rise gradually throughout the year, supported by improving production and recovering supply chains.

In the aluminum sector, Wilt said market fundamentals remain positive, with international demand continuing to grow, despite some challenges related to shifting global trade flows.

He explained that new US tariffs on aluminum imports could impact market dynamics, particularly in Europe and Asia, but the effect on Maaden’s profit margins will be limited, as US exports represent a small portion of the company's total aluminum sales.

As for gold, he said prices reached record highs in 2024, thanks to economic and geopolitical factors, expecting prices to remain strong in 2025, driven by continued demand amid economic uncertainty and market volatility.

Wilt affirmed that these market dynamics strengthen Maaden’s position to achieve growth and capitalize on emerging opportunities, with a sustained focus on strategic expansion and operational sustainability.

Louis Irvine, Executive Vice President, Finance and Chief Financial Officer, said Maaden follows a disciplined capital spending program, as it plans to invest around SAR 8.5 billion in 2025, with 70–75% allocated to growth initiatives.

Irvine noted that phosphate projects will dominate the largest portion of investments over the next two years, followed by aluminum, while gold investments are set to increase starting in 2026.

He added that 2024 was one of the strongest financial years in the company’s history, as the company posted its second-highest annual revenue, as well as record production of Diammonium Phosphate (DAP) and gold. In addition, it completed the acquisition of Mosaic Phosphates BV in Ma'aden Wa'ad Al Shamal Phosphate Co., and secured new exploration licenses.

Exploration remains a core driver of Maaden’s growth targets, Irvine said, adding that the company is accelerating efforts in the Arabian Shield region, with promising early-stage results.