If you'd like to get contact with us, please send an email to info@maaden.com.sa or you can contact one of our offices below:

SAUDI ARABIAN MINING COMPANY

Head Office - Riyadh
P.O. BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8000
Fax: +966 (0) 11 874 8300
info@maaden.com.sa
Procurement - Riyadh
P.O. BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8096
Fax: +966 (0) 11 874 84444
srm@maaden.com.sa
Public & Media Affairs - Riyadh
P.O. Box 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8409
Fax: +966 (0) 11 874 8057
media@maaden.com.sa
Jeddah
P.O. Box 13784 Jeddah 21414
Kingdom of Saudi Arabia
Tel: +966 (0) 12 229 2600
Fax: +966 (0) 12 229 2651
Al Khobar
P.O. Box 32001 Al Khobar 31952
Kingdom of Saudi Arabia
Tel: +966 (0) 13 811 1970
Fax: +966 (0) 13 811 1964
Jubail
P.O. BOX 11110 Jubail 31961
Kingdom of Saudi Arabia
Tel: +966 (0) 13 347 3333
Fax: +966 (0) 13 347 5682
Investor Relation - Riyadh
P.O BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8123
Fax: +966 (0) 11 874 8132
invest@maaden.com.sa

STRATEGIC BUSINESS UNITS - SBU

Aluminium - Riyadh
P.O. BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Fax: +966 (0) 11 874 8187
aluminiumsales@maaden.com.sa
Phosphate - Riyadh
P.O. BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8329
mktg-online@maaden.com.sa
Gold - Jeddah
P.O BOX 13784 Riyadh 21414
Kingdom of Saudi Arabia
Tel: +966 (0) 12 229 2600
Fax: +966 (0) 12 229 2651
About Image

SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES PROGRESS IN THE THIRD PHASE OF ITS TRANSITION PLAN FOR THE IMPLEMENATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Feb 01, 2017

Further to the company announcement on Tadawul website on 29/01/1438H (corresponding to 30/10/2016G), Saudi Arabian Mining Company (Maaden) announces progress in the third phase of its plan to transition to financial reporting in compliance with International Financial Reporting Standards (IFRS) and provides the following information in line with the CMA instructions issued on 20/08/2016G:

1. New accounting policies were approved by the company Board of Directors on 2016/12/1.

2. As announced previously, the largest challenge faced by the Company in the transition process was the need to componentize the fixed assets of some of the Maaden Group companies given the scale and complexity of their operations. As previously announced, this has been completed.

3. The Company has prepared its opening balance sheet as at 1/1/ 2016 and first quarter 2016 financial statements in accordance with IFRS and these are currently under final review by the Company external auditors.

4. The Company currently expects the largest impact on its financial statements as a result of the IFRS transitioning process to come from the application of the impairment testing methodology required under IFRS to its Property, Plant & Equipment; this methodology differs from the impairment testing required under the SOCPA standards. The Company external auditors are currently completing a review of the Company impairment calculations. Any impairment will be charged to the Company retained earnings in its IFRS balance sheet as at 1/1/2016. A further announcement will be made following completion of the review.

5. There are no obstacles affecting the Company ability to implement the new standards.

6. The Company confirms its readiness to prepare its consolidated interim financial statements for the first quarter ending 31/3/2017 in compliance with IFRS and in line with the applicable regulatory reporting deadlines.

For further information please contact:

Media Relations

E: media@maaden.com.sa

MEDIA CONTACTS

Media Relations
media@maaden.com.sa

Annual Report 2014

Annual Report
Last Footer Border