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Maaden to invest $9.3b by 2011
RIYADH — Saudi state mining firm Maaden yesterday said it would invest at least SR35 billion ($9.33 billion) over the next five to boost the industry's contribution in the oil-reliant economy.
The investment covers the development and exploitation of precious and non-precious ores in the country. "This will help raising by four folds the contribution of mining and related transformation industries in the Saudi economy", the firm said in a statement.
The company plans to float half of its capital by the end of this year. The firm has invested SR638 million to develop five gold mines in the country of which the total production is set to rise from 250,000 ounces per year currently to 300,000 ounces at the start of 2007, it said. Maaden also produces 500,000 ounces of silver.
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