Saudi Arabian Mining Company Ma'aden announces that its subsidiary Maaden Gold and Base Metals Company has signed today, Sunday 14/04/1434H corresponding 24/02/2013 a contract worth SAR 1,018 million (USD 272 million) with Hanwha Engineering and Construction Company to construct Ad Duwayhi plant to produce gold.
The contract includes completing detailed engineering, procurement, construction, pre-commissioning, commissioning, start-up assistance and training services.
The project is a key part of Ma'aden's program to develop several new gold mine sites located in the Central-Western Arabian region. The average production capacity is estimated at about 180,000 ounces of gold annually which is more than 1.6 million ounces over the life of the mine as per the feasibility study. The production is scheduled to start in 2015.
The methods of financing will be announced in due time.
Maaden Gold and Base Metals Company is fully owned by the Saudi Arabian Mining Company Maaden.
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