Chief Executive

name icon

Abdulaziz Al Harbi

Acting Chief Executive Officer

I am incredibly proud to have led Ma’aden

through 2021, a pivotal year for the company

as we gear towards a period of accelerated


Laying the Foundation for Growth

We have set out an ambitious growth strategy that aims to invest in exploration, people, and operations to leverage KSA mineral endowment and lay the foundation for growth in the coming decades. This strategy is underpinned with ESG being a cornerstone to reflect our ambition of being a "Sustainable mining champion with global presence" and actively play our part towards the socio-economic development for KSA.

2021 was a strong year for Ma’aden. We reported record net profits of SAR 5.2 billion on the back of strong sales fueled by increasing commodity prices and demand for our products.

We reduced our net debt to EBITDA ratio and delivered value to our shareholders. In recognition of our rapid growth, Ma’aden has been named as one of the "Top 5 Global Mining company" in a report prepared by industry experts.

Investing in Our Operations

Gold, as a counter cyclical commodity, has continued to perform strongly in the current economic landscape. It has been part of our core business from the beginning and will remain central to our operations in the future.

In 2021, we signed an $880 million contract for the operational mining services at our Mansourah-Massarah mine, Ma’aden’s largest and most ambitious gold project to date. Upon reaching commercial production, it will be the largest gold mine in the Kingdom of Saudi Arabia.

Aside from Gold and Base Metals, our Phosphate business also continues to be a key priority for Ma’aden. In 2021, we completed construction on our third ammonia plant in Ras Al Khair, which will help boost our total phosphate fertilizer production capacity by 30% over the coming years. The expansions to our Phosphate operations will make us amongst the top three global producers, significantly increasing our contribution to global food security.

In line with supporting our broader ammonia goals, we signed an agreement to hire four vessels to transport ammonia, increasing our fleet to seven. The expanded fleet will strengthen Ma’aden’s global logistics network.

Later in the year, we expanded our presence in Africa, and together with our subsidiary Meridian Group opened a state-of-the-art fertilizer terminal in Malawi. The terminal provides access to a steady supply of high-quality fertilizer to over 5 million small scale farmers in the Republics of Malawi and Zambia.

Moving forward on ESG

Building a sustainable future has always been a key priority for Ma’aden as an operator in the mining industry.

In 2021, we evaluated our sustainability efforts and spent time defining our corporate ESG strategy. As we did that, we continued our ongoing efforts to preserve and contribute to the communities we operate in, specifically in Saudi Arabia.

We signed an agreement with the National Centre for Vegetation Development and Desertification Control to preserve the natural greenery in the Northern Borders province, contributing to the Saudi Green Initiative.

We also continued our schools of excellence program, which seeks to provide education in rural areas of Saudi Arabia. Ma’aden operates two schools in Arar and Turaif and has invested a total of SAR 23 million into the schools of excellence

Ma'aden has invested a total of

SAR 23 mn

Into the school of excellence program in 2021

program in 2021, bringing the total investment to SAR 135 million from the inception of the program in 2016.

We continued our water conservation efforts by implementing methodologies to use recycled water in our plants. By the end of 2021, 99% of all water for the Al Duwayhi gold mine was sourced from treated wastewater. Mansourah-Massarah will be the latest mine for Ma’aden, which will completely rely on wastewater for its operations and with the aim of servicing 20% of its energy needs through renewable energy by 2025.

We also signed a landmark agreement with Saudi Calcined Petroleum Coke Company (SCPC) for the supply of calcined petroleum coke (CPC) for use in Ma’aden’s Aluminum smelter facility in Ras Al Khair. The agreement is part of a wider local content push to include more Saudi suppliers in Ma’aden’s value chain, in line with Vision 2030.


of all water for the Al Duwayhi gold mine was sourced from treated wastewater

Prioritizing Safety

As a mining company, the safety of our people is central to our operations. We strongly believe that safety goes beyond the mines, and is important not only at an operational level, but at a strategic level as well.

We train our employees to ensure they are ready for the inherent risks of working in a mine, preventing workplace incidents. At the same time, we invest in their development and ensure that they have a comfortable and healthy workplace. In 2021, we implemented MSHEM – an integrated safety framework aligned with international standards that covers all Ma’aden employees and contractors.

We conducted workshops with all our affiliates to ensure consistency in safety management across our operations and standardize safety requirements. These standards have led to a lower rate of incidents, reducing our All-Injury Frequency Rate (AIFR) from 0.22 in 2020 to 0.2 in 2021.

There is always more work to done to get closer to an AIFR of zero. In 2022 and beyond, we will continue to update our programs and evolve our practices to align with the latest international standards.

Strong Outlook for 2022

2021 was a pivotal year for Ma’aden, and I am privileged to have been able to lead the company through this period. Looking ahead, we will leverage our strong fundamentals to build Ma’aden into a global mining powerhouse.

I would like to thank the entire Ma’aden team, the board, and our partners for a successful 2021. I remain confident that we will continue our growth in the years ahead.

Abdulaziz Al Harbi

Acting Chief Executive Officer


I am incredibly proud to have led Ma’aden through 2021, a pivotal year for the company as we gear towards a period of accelerated growth.