Saudi Arabian Mining Company (Ma’aden), the largest multi-commodity mining and metals company in the Middle East, has reported 160 per cent net profit and EBITDA of 31 per cent in H1 2024, with stable overall production volumes and improved operating costs resulting in better margins and profitability.

Ma’aden's H1 EBITDA was SR5.91 billion ($1.58 billion) and net profit was SR2.01 billion.

Its revenues for H1 2024 slipped slightly to SR14.53 billion from SR15.01 billion in the same period last year, mainly due to lower phosphate sales resulting from a planned ammonia turnaround in Q2.

Ma’aden's large-scale exploration programme continued to advance in Q2 2024 across the Central Arabian Gold Region with a focus on infill and extension drilling across Uruq South, Umm Salaam and Massarah North.

In total, 123 km was drilled during the quarter, bringing the total drilled in H1 2024 to 236 km.

Separately, about 60 sq km of land was surveyed in Q2, totalling some 140 sq km for H1 2024 using the Typhoon™ geophysical surveying system through the JV with Ivanhoe Electric.

A third Typhoon™ system, now on site, will expand the use of the technology to other areas of the Kingdom.

In addition, Ma’aden was granted new exploration licences in the quarter that extends and further consolidates the company’s footprint in the Central Arabian Gold Region.

OUTLOOK

Ma’aden is on track to meet its 2024 production guidance, supported by stabilised commodity prices and ongoing efficiency improvements.

The Phosphate BU is advancing the Phosphate 3 mega-complex, with initial groundwork and construction aiming for 1.5 Mt annual capacity by 2026.

The Aluminium BU will benefit from better raw material prices and power efficiency, with a new recycling plant at Ras Al-Khair moving from prefeasibility to bankable feasibility in Q3-FY24, targeting 400,000 Mt annually by 2026.

Gold operations, bolstered by strong gold prices, are expanding, with the Mansourah-Massarah mine set to produce 250 Koz in 2024.