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.
|
Metals and Aluminum Segment Production |
||||||
|
Period |
Gold (‘000 ounces) |
Cupper (‘000 tons) |
Aluminum (‘000 tons) |
|||
|
Quantity |
Variation |
Quantity |
Variation |
Quantity |
Variation |
|
|
2015 |
165 |
+9% |
2.4 |
-- |
839 |
+26% |
|
2016 |
225 |
+36% |
24.8 |
+933% |
871 |
+4% |
|
2017 |
333 |
+48% |
38.6 |
+56% |
916 |
+5% |
|
Phosphate Segment Production |
||||||
|
Period |
Ammonium Phosphate |
Ammonia (Maaden Phosphate) |
Ammonia (Waad Al Shamal) |
|||
|
Quantity |
Variation |
Quantity |
Variation |
Quantity |
Variation |
|
|
2015 |
2,633 |
+10% |
461 |
(30%) |
-- |
-- |
|
2016 |
2,676 |
+2% |
715 |
+55% |
-- |
-- |
|
2017 |
2,808 |
+5% |
591 |
(17%) |
1,070 |
-- |
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