Apr 03, 2016
Further to the company announcement on Tadawul website on 25/12/1436H (corresponding to 08/10/2015G), the Saudi Arabian Mining Company (Maaden) announces the beginning of commercial production at Ad Duwayhi mine of its subsidiary Maaden Gold and Base Metals Company starting from Friday 23/06/1437H (corresponding to 01/04/2016G).
Ad Duwayhi mine has an estimated average annual production capacity of 180,000 ounces of gold over the life expectancy of the mine and that mine production capacity will gradually ramp up over the year to reach 100% by the end of this year. Noting that as at December 31, 2015, the mine had reserves of 1.9 million ounces of gold.
The financial impact of this commercial production will be reflected in the Company 2016 second quarter financial results.
Maaden Gold and Base Metals Company is fully owned by the Saudi Arabian Mining Company (Maaden).