Gold is an integral part of the Ma’aden success story. In the 12 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 progressed from a new market entrant into an internationally renowned gold miner. Ma’aden’s gold and base metals business has grown rapidly and currently accounts for 15% of our total revenue, driving shareholder value and significantly contributing to Saudi Arabia’s GDP.
2021 saw further preparations towards achieving our targets around growth and expansion. We currently have two further mines in development, - the Mansourah and Massarah mine, which is under construction, and the Ar Rjum mine, which is undergoing feasibility studies. 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 sustainable way, which minimizes the impact of extraction on the environment and local host communities.
Moving forward into 2022, we have challenging targets on reducing water and energy use, investing in local communities and supply chains, and extracting value and driving shareholder value.
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Saudi Arabia holds an estimated $1.3 trillion worth of untapped mineral deposits. At Ma’aden, we are making use of that resource to boost the Kingdom's economy and improve the quality of life for citizens. We continue to identify new sources of mineral wealth to ensure that future generations are also able to benefit from the Kingdom’s mineral wealth.
Currently, we have two new gold-mining projects under development. Work is continuing to complete the construction and engineering work on the Mansourah and Massarah goldmine project, which will become the largest gold project ever undertaken by Ma’aden. The level and scale of our ambition demonstrate the commitment of Ma’aden to identify and pursue growth investments in Saudi Arabia. The project will enter the commencing stage by the end of 2022.
This project has the potential to bring enormous benefits to local communities. We are already working with partners to ensure that local employees and supply chains benefit from the development of this new mine.
At the heart of this project is our commitment to sustainable development. This will be the first mine in Saudi Arabia to use solar energy as an energy source. a pipeline of over 300 km pipeline, built by Ma'aden, connecting Taif city to the remote and scarce water area of the mine. We are also in the process of completing the necessary feasibility studies for the Ar Rjum Mine.
In addition to gold, Ma’aden also continues to successfully extract, process, and export copper. In 2021, a total of 2.832 million tons were processed at a grade of 2.62% and with a recovery rate of 92.6% resulting in 151.2 million pounds of copper. Moreover, the mine exceeded targets for both ore extraction and the production of copper concentrates. New Larox tailing and concentrate filters were fully operational this year, improving the efficiency of our processing plant. Tailings Storage Facility 3 was commissioned during the year and is now operational.
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of copper in 2021
In 2021, 25 shipments of bulk copper concentrates were loaded from Yanbu commercial port, either to China, Japan, or India.
Ma'aden and Barrick Copper Company attaches great importance to the environment and the application of all relevant environmental regulations and regulations. Our ISO 14001 Environmental Management Certificate was renewed in January 2022 following an assessment that reported zero nonconformities. The company also received its ISO45001 Safety Management Certificate in June 2021.
We see this as an ongoing area for future growth. In 2021, we learned a great deal about how new technology and investment can drive sustainability, efficiency, and better working practices. We will build on this learning as we move forward into 2022.
