Chairman of the Board
One of the critical sectors for development is mining. The Kingdom’s rich mineral endowment, its young and vibrant population and the country’s strategic geographic location create the perfect conditions for transforming Saudi Arabia into a globally leading mining market.
Under the wise leadership of the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince of Saudi Arabia, Ma’aden faces a future lined with opportunity. On behalf of the Board of Directors, I would like to express our gratitude to the Kingdom’s leadership for the continued empowerment of the mining sector as part of Vision 2030, for the benefit of the nation
Ma’aden entered 2021 in a strong position, knowing that our model is resilient, and our business fundamentals are strong. Our team delivered results demonstrating that we are truly a force in the global mining industry
But Ma’aden’s firm footing going into 2021 was just the beginning, as favorable business conditions allowed us to accelerate. Global markets reopened post-pandemic, and our company stood ready
to support increasing international demand for fertilizers and essential metals and minerals. We continued to leverage the Kingdom’s mineral wealth for our stakeholders, shareholders, communities, and the Saudi economy.
The strong rebound in commodities prices allowed us to capitalize on the favorable environment and achieve record profits, setting the tone for what the growing Saudi mining industry can deliver.
We strengthened our global reach through strategic investments and partnerships in key markets and developed our core business. Over the course of the year, we made steady progress expanding our phosphate business and our most ambitious gold project to date, Mansourah & Massarah.
While delivering positive impact for all stakeholders, we mapped out an ambitious growth strategy for the coming decades.
Moving forward, Ma’aden will continue to invest in exploration to strategically grow our commodity portfolio and increase the inclusion of metals critical for a renewable energy economy.
Keeping our team safe and healthy remained our highest priority in 2021. Ma’aden fundamentally believes that long-term success is directly linked to how well it looks after its people. Such a robust program can be delivered only with an uncompromising internal culture, committed leadership, and unrelenting focus on health and safety across the entire organization.
The mining business carries some inherent risks; however, we strongly believe that incidents can be avoided if risks are proactively assessed and managed. Our investments in training, innovation, technology, and predictive measures improve mine safety and protect our employees.
In 2021, Ma’aden’s improved All-Injury Frequency Rate (AIFR) record proved that our efforts to revamp and strengthen our Environment, Health Safety and Security (EHSS) framework and implement new standardized practices across all Ma’aden affiliates and contractors are having a positive impact.
We are committed to our role as a welcome neighbor in every community. Every aspect of our business is developed with the objective of becoming an Environmental, Social and Governance (ESG) role model in the Kingdom.
This year we finalized the sustainability strategy that will help us achieve this ESG goal and developed roadmaps for carbon neutrality. Strategic collaboration with local authorities enabled us to scale up nature-based solutions implemented around our sites and increase our use of recycled water.
These and many other strides in 2021 were made possible by the wisdom and insights of our multidisciplinary Board of Directors.
One of our greatest strengths is the fact that Ma’aden’s board combines decades of experience and expertise from across the globe, enabling us to make well-informed decisions and leverage lessons from other industries and markets, as well as the minerals and metal sector.
Ma'aden Phosphate Complex - Wa'ad Al Shamal Minerals Industrial City
Over the coming year, we will reinforce our commitment to sustainability by launching long-term ESG targets that align with Saudi Arabia’s net zero ambitions and the goals of the Saudi Green Initiative.
Production will ramp up at new ammonia facilities in Wa’ad Al Shamal, taking a significant step toward becoming a top three global phosphate fertilizer producer, - increasing our contribution to international food security.
Our Mansourah-Massarah gold project will be nearing completion, taking us closer to our goal of becoming a global leader in gold production.
These projects, along with our low-cost operations, are expected to generate strong cash flows, especially in the favorable market conditions being experienced, which should support our ambitious exploration and growth strategy.
On behalf of the board of directors, I would like to thank our shareholders, investors, team members and local communities for a safer, more productive, and greener 2021. We are primed for continued success, and we are grateful for your continued trust and confidence in Ma’aden.
Chairman - Governor of the Public Investment Fund
