How has Ma’aden grown since 1997, and what are the key highlights for 2024-2025?

Since 1997, Ma’aden has grown into the Middle East's largest multi-commodity mining company, playing a key role in Saudi Arabia’s Vision 2030. Starting as a single gold mine, we are now a global leader in phosphate production, a regional leader in aluminium, and we are on the precipice of becoming a globally significant gold miner.

Our 2024-2025 priorities include advancing Ma’aden’s regional and global footprint with a bold growth strategy to transform mining into the third pillar of the Saudi economy. This strategy emphasizes technology, innovation and operational excellence to drive efficiency and productivity. Our focus is also on expanding exploration to increase our resource base so we can scale organically, while also exploring strategically aligned opportunities for inorganic growth. 

Key projects include the Phosphate 3 project which is set to boost phosphate production by 50%, strengthening Ma’aden’s position as the world’s second-largest exporter of phosphate fertilizers. Additionally, Mansourah-Massarah project is ramping up to effectively double gold production.

What is Ma’aden’s vision for establishing Saudi Arabia as a global mining hub, and how do partnerships and joint ventures contribute to this goal?

Sitting between Asia, Europe and Africa, Saudi Arabia’s geographic centrality means that Ma’aden is exceptionally well placed to play a major role in global minerals supply chains. We have world class seaborn transport links both to Europe though the Red Sea and to Asia from the Gulf, while also being central to the high growth potential Middle East and North African markets. 

Major partnerships and joint ventures with world-class companies have supported us in transforming Ma’aden into a globally significant mining company. Our partnership with Mosaic – one of the world's leading phosphate and potash companies – supported us to develop our phosphates business, and our partnership with global aluminium heavyweight Alcoa has provided us with the technical capability and experience to transform our aluminium business into a regional leader. 

Now our joint venture with Barrick Gold at the Jabal Sayid underground copper mine is enabling us to gain the expertise in copper mining. In the exploration field, our partnership with Ivanhoe Electric is providing us with world leading exploration technology that will up-tech and upskill our exploration function. 

What are the key growth areas in Saudi Arabia’s mining sector, and how is Ma’aden leading them?

With an estimated US$2.5 trillion in mineral resources to uncover and develop, the upside is huge. Ma’aden is set for substantial growth with US$56 billion in CapEx until 2040, totalling US$69 billion if we include sustainability and ESG. The objective is to achieve 10x EBITDA growth by 2040, and to have firmly established mining as the third pillar of the economy and Ma’aden as one of the world’s leading mining and minerals companies. 

The exploration program we are undertaking in the previously underexplored Arabian Shield is the largest of its kind anywhere in the world, with over 23,000 km² of granted licenses and over 75,000 km2 more under application. It is already producing results with significant gold resource potential identified along a 100 km strike from the existing Mansourah-Massarah gold mine. 

Can you elaborate on how the partnership with Hexagon is driving innovation at the Mansourah-Massarah mine?

The partnership we announced with Hexagon to build the region’s first digital mine capabilities at our flagship Mansourah-Massarah gold project speaks to our ambition, but we are using IoT, digital twin and cutting edge technologies across our operations to enhance safety and efficiency.

How is Ma’aden aligning Saudi mining with global sustainability standards?

We are committed to achieving carbon neutrality by 2050, and to reduce scope one and two greenhouse gas emissions by 37% by 2030 and 60% by 2040. In 2022, we achieved a year-on-year reduction of 24% and 20%, respectively, reducing electricity consumption and increasing the share of renewable energy. 

We are also pioneering new game-changing sustainable technologies in our operations - such as a new patent for CO₂ capture from phosphogypsum calcination. 

What message do you have for the Future Minerals Forum delegates and Global Business Reports readers?

Ma’aden remains committed to being a regional and global leader in sustainable mining, fostering partnerships, and contributing to the Kingdom’s diversification goals. Together, we can redefine the future of mining and leave a lasting positive impact on our communities and the planet.