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Ma’aden Gold & Base Metals Company has signed a financing agreement with the Saudi Industrial Development Fund (SIDF) for US$320mn
The agreement has been signed to develop the Ad Duwayhi mine, said Ma’aden officials. Ma’aden Gold & Base Metals Company is a subsidiary of the Saudi Arabian Mining Company (Ma’aden).
According to the mining company, the loan will be repaid in 14 semi-annual installments and will continue for seven years. The loan is financially guaranteed by Ma’aden.
The Ad Duwayhi Gold Deposit is located in the east central part of the Arabian shield, and is among the newest gold discoveries in Saudi Arabia. To date, exploration has identified to have 5.1mn kg of gold, according a report by Australia’s Ashgill.
Several tectonic events have contributed to the mineralisation, resulting in more than 45 occurences and they have created pathways for mineralised fluid circulation and for emplacement of intrusions, added the report.