ADDENDUM ANNOUNCEMENT FROM SAUDI ARABIAN MINING COMPANY (MAADEN) RELATED TO THE EFFECT OF THE MINISTERIAL DECISION TO AMEND THE PRICES OF ENERGY PRODUCTS AND ELECTRICITY TARRIFS
Further to the company announcement on Tadawul website on 18/03/1437H (corresponding to 29/12/2015G) the Saudi Arabian Mining Company (Maaden) announces that the expected financial impact as a result of the amendment of the energy prices and electricity tariffs would be a decrease in the company consolidated net income of around 120 million Saudi riyals, the company expects the results of these amendment to show in 2016 financial results. Further substantial developments will be announced in due course.
Maaden will continue implementing its strategy of which requires raising the production efficiency and cut costs to cope with the economic changes in the commodity markets.
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