By Mohamed Abu Meleeh:

Riyadh-Mubasher: Saudi Arabian Mining Co. (Ma’aden) said it plans to boost the production capacity of its wholly-owned Ma’aden Gold Co. to 236 thousand ounce in 2015, with an increase by 53.3% from 153.98 thousand ounce in 2014.

The Tadawul-listed company also intends to raise output from Souq mine in Makkah from 16 thousand ounce in 2014 to 22.5 thousand.

Ma’aden CEO Khalid Bin Saleh Al Mudaifer had previously said his company made several achievements in 2014 thus ranking as among the world’s biggest mining firms in terms of growth.

This will reflect positively on the company’s progress in building an industrial system that helps create sustainable diversity in income sources and maximize shareholders’ equity, according to the top official.

Ma’aden also expects constructions at its Duwaihi mine to be completed and production to start during the third quarter of 2015. The mine’s average production capacity is estimated at around 180 thousand ounce annually.

The company also forecasts production at its copper project with Buraik to come on stream in the fourth quarter of 2015.

Translated by Sayed Abdulrahman

Photo Credit: Arabianeye-Reuters