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Saudi Arabian Mining Company (Ma’aden) announces that its subsidiary Ma’aden Gold & Base Metals Company project signed a contract with Outotec and Larsen &Toubro Consortium for the Engineering, Procurement and Construc tion of the Mansourah & Massarah Gold Project

Element ListExplanation
Date of announcement of the assignment 2019-04-30 Corresponding to 1440-08-25
Subject of contract Engineering, Procurement and Construction of the Mansourah & Massarah Gold Project
Date of contract sign off 2019-07-19 Corresponding to 1440-11-16
Contract Value SAR 2,272.5 million ( USD 606 million)
Contract Details The lump sum turnkey contract includes complete engineering, procurement, construction, pre-commission, commissioning, start-up assistance and training services for the Mansourah Massarah Gold Project
Contract Duration 36 Months reference to 15/5/2019
The financial impact and period that this project will affect Financial impact is estimated to begin in the 2nd Quarter of 2022G, whereas the ramp-up will be thereafter.
Related Parties None
Additional Information Please note that the total cost of the project is Approximately (USD 880 million).

Mansourah Massarah Project will produce an average of 250,000 ounces of gold per year throughout the life of mine which is 12 years. Construction is planned to start from the date of signing the contract.

It is expected that the initial production will occur on Q2,2022.

The company will announce in due course the financing details and any further information related to the project.

Ma’aden Gold and Base Metals Company is wholly owned by the Saudi Arabian Mining Company (Ma’aden)

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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