Investing.com - Financial Markets Worldwide
🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

REFILE-Saudi miner Ma'aden says commercial output starts at gold mine

Published 2016-04-03, 03:07 a/m
© Reuters. REFILE-Saudi miner Ma'aden says commercial output starts at gold mine
HG
-
1211
-

(Refiles to additional subscribers, no change to text)
DUBAI, April 3 (Reuters) - Saudi Arabian Mining Co.
1211.SE (Ma'aden) said on Sunday commercial output had begun
at the Ad Duwayhi gold mine in western Saudi Arabia.
The mine has an estimated average annual production capacity
of 180,000 ounces over the life expectancy of the mine, the
company said in a statement. Output will reach 100 percent by
the end of 2016, it said, and the financial effect of the output
would be begin to appear in second-quarter financial results.
The mine, which is owned by Ma'aden Gold and Base Metals Co,
a subsidiary of Saudi Arabian Mining, had reserves of 1.9
million ounces of gold at the end of December 2015, it said.
In a separate statement, Ma'aden said commercial operations
had been delayed from the first quarter of 2016 at Jabal Sayed
mine, which was run by its affiliate Ma'aden Barrick Copper
Company. Operation will commence at a later date to be announced
by the company at the "appropriate" time, it said.
Ma'aden Barrick Copper Company is jointly owned by Ma'aden
and Barrick Gold Corporation.


Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.