Ma’aden’s GA to establish a company with PIF to invest in ‎global mining assets ‎

The Saudi Arabian Mining Company (Ma’aden) announced the results of the 14th Ordinary General Assembly meeting (the first meeting), which was held yesterday, Tuesday, when the attendance rate was 78.48%.

Results of voting on the assembly agenda:

1. The company’s consolidated financial statements for the fiscal year ending on December 31, 2022 AD were reviewed and discussed.
2. Approval of the auditor’s report for the fiscal year ending on December 31, 2022.
3. Approval of the Board of Directors’ recommendation not to distribute dividends for the fiscal year ending on December 31, 2022.
4. The report of the company’s board of directors for the fiscal year ending on December 31, 2022 was reviewed and discussed.
5. Approving the appointment of PricewaterhouseCoopers (PwC) as the Company’s auditor from among the candidates on the recommendation of the Audit Committee; This is to examine, review and audit the financial statements for the (first, second and third) and annual quarters for the years 2023 and 2024, and determine his fees.
6. Approving the release of the members of the Board of Directors of the company from liability for the fiscal year ending on December 31, 2022 AD;
7. Approval of disbursing an amount of five million sixteen thousand six hundred and two riyals and seventy-four halalas (5,016,602.74) Saudi riyals as rewards and compensation for members of the Board of Directors and its committees for the fiscal year ending on December 31, 2022 AD.
8. Approval of the Board of Directors’ decision to appoint Sophia Bianchi (non-executive member) to the Board of Directors, starting from the appointment date 12/19/2022 AD to complete the Board session until the end date of the current session on 10/24/2023 AD to succeed the previous member, Dr. Samuel Walsh (Member non-executive).
9. Approval of the business and contracts concluded between Ma’aden and the Public Investment Fund, in which the following members of the Board of Directors have an indirect interest in being representatives of the Fund on the Board of Directors of Ma’aden. It is a joint venture agreement to establish a company for the purpose of investing in mining assets internationally. The company’s initial paid-up capital will be one hundred and eighty-seven million five hundred thousand (187,500,000) riyals. Maaden will pay its share in the company amounting to ninety-five million, six hundred and twenty-five thousand (95,625,000) riyals from its own resources.

In the event that the company’s business develops and it needs additional financing, Ma’aden and the Fund will commit to financing the company with a total amount of eleven billion nine hundred and fifty-two million two hundred and five thousand eight hundred and eighty (11,952,205,880) Saudi riyals, and accordingly, the maximum investment of Ma’aden in The amount of the company is six billion ninety-five million six hundred twenty-five thousand (6,095,625,000) Saudi riyals, unless the parties agree otherwise. The duration of the agreement will extend throughout the duration of the company to be established in its constituent documents, unless it is terminated according to its terms and the members referred to in this clause abstain from voting on this clause. This contract was concluded without preferential conditions or benefits.