Maaden eyes opportunities in aluminum development: CEO

Saudi Arabian Mining Company (Maaden) sees great opportunities in developing its aluminum business, as it intends to recycle aluminum wastes, which is a low cost solution, CEO Darren Christopher Davis told Argaam in an exclusive interview.

The company is currently looking into many factors before making any investment decisions about it, the CEO said during Gulf Intelligence Saudi Arabia Energy Forum in Riyadh.

Maaden plans to increase phosphate and aluminum output through maximizing available capabilities, not by adding new production units, he said.

Davis expects to add 3 million tons of phosphate fertilizers by 2025.

The company is working to raise its annual gold production to reach 1 million ounces of gold per annum, he said.

When asked about his projections on demand, he said that demand for phosphate is still ‘good’, and is seen to grow in Q2 this year, especially in May and June.

As for aluminum and gold, uncertainty about global economy is impacting the market. Nevertheless, aluminum market fundamentals are still globally good, especially in China, he said.

Maaden’s debt is not likely to change much in Q1 2019, as the firm continues to restructure its debt with better conditions and lower interest rates, which would continuously reduce debt, and finances operations and growth, he added.