Background

Gold is a fundamental element of the Ma'aden success story. In the 11 years since our IPO, Ma'aden has grown from a small gold mining concern to a largescale international gold and base metals company that operates six gold mines in Saudi Arabia.

In only a decade, we have transformed from a new market entrant into an internationally renowned gold miner. Gold and base metals currently account for 14% of Ma'aden’s total revenue.

Whilst the COVID-19 pandemic created challenges for us all in 2020, it did not prevent us from continuing to focus on growth and expansion. We continued to set record levels for gold production, driving shareholder value and significantly contributing to Saudi Arabia’s GDP.

Managing the impact of COVID-19 was a particular challenge for our gold business, due to the remote location of workers and facilities. However, despite these challenges we managed to keep all of our sites operational, and continued to set record production figures as we headed towards our target of producing 1 million sustainable ounces of gold annually.

Key to achieving this target is planned growth and expansion. 2020 witnessed further progress towards this goal. We currently have two further mines in development, namely the Mansourah and Massarah mine, which is under construction, and the Ar Rjum mine, which is undergoing a final economic feasibility study.

These new developments are key to our future expansion and growth. At Ma'aden, we are clear that this needs to be delivered in a truly sustainable way, which minimizes the impact of extraction on the environment and local host communities. Moving forward into 2021, we have challenging targets on reducing water and energy use, investment into local communities and supply chains, whilst extracting value and driving shareholder value.

MGBM Mines

Key

Cities

Mines