Riyadh – Mubasher: Saudi Arabian Mining (Maaden) is expected to be one of the companies playing a major role in achieving the goal of Saudi Arabia's National Transformation Programme's (NTP), according to a new report by AlRajhi Capital.

Part of the NTP aims to boost the Kingdom's mining sector's contribution by around three times, making it an integral part of the country's national wealth by 2030.

The recent rise in commodity prices as well as the announcement of the third phosphate project helped Maaden's stock rise above the company's target price (TP) of SAR 38, the research firm said, adding that it has raised its TP to SAR 40 with a "hold" recommendation.

Aluminum prices increased by 4%, while copper rose 19%, on the back of expectations that the US may boost infrastructure investment, the report showed.

A continued rise in the prices of metals and commodities will likely boost Maaden's stock higher, AlRajhi added.

On 30 November, Maaden commenced its development of the third project for manufacturing phosphate fertilisers and will eventually add an additional 3 million tonnes per year to the company's total production capacity.

Project costs were estimated at SAR 24 billion with the full capacity to be reached in 2024.

The company closed Thursday's trades up 0.75% at SAR 39.55.