Ma’aden: 91% is the Completion Rate of Mansourah & Massarah Gold Project

Saudi Arabian Mining Company (Ma’aden) announced the extension of the contractual completion date of the project to establish a factory in the Mansoura and Massarah mines for the production of gold to the third quarter of 2022, indicating that it expects to start trial production and show the financial impact on the Company’s results during the fourth quarter of 2022, as the percentage of fulfilled achievement amounted to 91%.

This came after the Company announcement on 21/07/2019 when the subsidiary Ma’aden Gold & Base Metals Company project signed a contract with Outotec and Larsen & Toubro Consortium for the Engineering, Procurement and Construction of the Mansourah & Massarah Gold Project.

Saudi Arabian Mining Company (Ma’aden) reported that the construction work of the Mansoura and Massarah mine plant had come to an end, and the necessary preparation work for operation has begun.

The Company previously estimated the completion of the project and the start of the initial production by the second quarter of 2022. However, as a result of unforeseen construction phase circumstances, especially the Covid-19 pandemic, the projects contractual completion date has been extended.

The Company showed that there is no change in the scope of the project and therefore the associated costs have not changed.

It added that moving the initial production will not materially or adversely impact the Company’s financial results.