Ma’aden starts commercial gold output in Saudi Arabia

goldmine possumgirl2 flickrAs of December 2015, the mine had reserves of 1.9mn ounces of gold. (Image source: Possumgirl/Flickr)Saudi Arabian Mining Company (Ma’aden) has begun commercial output at the Ad Duwayhi gold mine in western region of the Kingdom

The mine has an estimated average annual production capacity of 180,000 ounces over the life expectancy of the mine, the company said in a statement.

Output will reach 100 per cent by the end of 2016, it added, and the financial effect of the output would begin to appear in Q2 financial results.

The mine, which is owned by Ma’aden Gold and Base Metals Company, a subsidiary of Saudi Arabian Mining, had reserves of 1.9mn ounces of gold at the end of December 2015, it said.

In a separate statement, Ma’aden also announced commercial operations had been delayed from Q1 2016 at Jabal Sayed mine, which was run by its affiliate Ma’aden Barrick Copper Company. Operation will commence at a later date to be announced by the company at the appropriate time, it revealed.

Ma’aden Barrick Copper Company is jointly owned by Ma’aden and Barrick Gold Corporation.

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