Saudi Arabian Mining Company (Ma'aden) announces an update on the latest developments regarding the contract with Outotec and Larsen & Toubro Consortium for the Engineering, Procurement and Construction of the Mansourah Massarah Gold Project for its subsidiary, Ma’aden Gold & Base Metals Company.
| Element List | Explanation |
|---|---|
| Introduction | Further to the Company’s announcement on 18111440H, corresponding to 21072019 AD, regarding the signing of a contract with Outotec and Larsen & Toubro Consortium for the Engineering, Procurement and Construction of the Mansourah & Massarah Gold Project for its subsidiary Ma’aden Gold & Base Metals Company, Ma’aden advises that the Mansourah & Massarah process plant is now nearing completion and that pre-commissioning activities have started.
It is expected that the start of initial production and resulting financial impact will be reflected in the Company's results for Q4 of 2022. |
| Previous Announcement | The subsidiary Ma’aden Gold & Base Metals Company project signed a contract with Outotec and Larsen &Toubro Consortium for the Engineering, Procurement and Construction of the Mansourah & Massarah Gold Project |
| Date of Previous Announcement on Tadawul's Website | 2019-07-21 Corresponding to 1440-11-18 |
| Percentage of fulfilled achievement | 91% |
| Event's Expected Completion Date | The project’s contractual completion date has been extended to Q3 of 2022. |
| Reasons for Exceeding the Announced End Date | The Company previously estimated the completion of the project and the start of the initial production by Q2 of 2022. However, as a result of unforeseen construction phase circumstances, especially the Covid-19 pandemic, the projects contractual completion date has been extended. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There is no change in the scope of the project and therefore the associated costs have not changed. |
| Impact of the Delay on the Company's Financial Results | Moving the initial production will not materially or adversely impact the Company’s financial results. |
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