Ma'aden was formed by Royal Decree in 1997 to facilitate the development of Saudi Arabia's mineral resources. In 2004, the Cabinet adopted the new Mineral Investment Law in a step helped in the development of the mineral sector and the infrastructure of the railway and the port, which enabled Ma’aden to easily transfer its products to market.
Ma’aden was wholly owned by the Saudi Government before 50% of its shares were floated on the Saudi Stock Exchange (Tadawul) in 2008.
Initially Ma'aden's activities focused on expanding its active gold business which now includes several mines throughout KSA: Mahd Ad Dahab, Bulghah, Sukhaybarat, Al Amar, As-Suq and Ad Duwayhi mines. In addition, there is a probable expansion by adding mines of Ar Rajoum, Massarah, and Mansourah.
Ma’aden has expanded its activities to cover phosphate. In 2007, it founded “Ma'aden's Phosphate” as a joint venture with SABIC – a leading Saudi company in petrochemical area. It invested in an operational facility in Ras Al-Khair Port, the industrial city of the Eastern Province. As well, Ma'aden's Phosphate runs Jalamid site, which locates 150kmin the west of the city of Arar, northern of KSA. It contains phosphate mine and plant that produces about 11.6 million tons of the raw material that is transferred through railway to Ras Al-Khair. There is also a huge project to produce phosphate in Wa’ad Al-Shamal city’s project, which locates in the far north of KSA, about 20km from Tareef. In this context, Ma’aden has founded “Wa’ad Al-Shamal’s Phosphate” in partnership with SABIC and Mosaic (the largest fertilizer producer in the world).
Ma’aden also has founded Ma’aden’sAluminumProject, which is a partnership with several affiliates of Ma’aden, such as Ma’aden’s Aluminum, Ma’aden Bauxite and Alumina and Ma’aden Rolling Mill. It is one of the most integrated and effective Aluminum projects in the world. It contains a bauxite mine and arefinery in addition to one of the most advanced rolling mill plants in the world.
Both Al Ba'ithaBauxite Mine, an affiliate of Ma’aden’s Bauxite and Aluminum and ore crushing and handling facility, locate after 600km North West of Ras Al Khair. The production capacities of the is estimated at a rate of 4.0 million mtpy of bauxite, which is transferred by the railway to Ras Al-Khair.
In addition to the main areas of our business, which is limited to gold, phosphate and aluminum, Ma’aden is constantly working on expansion of its business portfolio, discovers and evaluates sites for new metals. Currently, Ma’aden is evaluating the available capabilities at the level of a number of industrial and base metals to expand our portfolio in the field of mining.
It includes some industrial metals that subject to study on an ongoing base, such as heat resistance metals, low-concentration bauxite, cyanate, graphite, pure limestone for ground calcium carbonate and precipitated calcium carbonate products, potash and iron. The main metals under study include copper, lead deposits, zinc and nickel deposits.
Accordingly, Ma’aden added another portion to its investment portfolio as in the middle of 2014, it completed acquisition of copper project in Jabal Sayd. Currently, it owns 50% of the project with an investmentof nearly SAR 810 million (USD 216 million) through the copper “Metals – Barrick”
Ma’aden in cooperation with the Saudi government through the Ministry of Petroleum and Mineral Resources is seeking to achieve its vision in leading the mineral industry in KSA in order to become the third pillar of industry in KSA after oil and petrochemical.