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.The firm has embarked on development projects that include exploiting phosphate reserves in the north and mining bauxite for aluminium production.
Country's PMI reaches 57 in November
The project also features, at a height of 263 metres, the highest solar energy tower on the planet