Wednesday, 16th February 2005 (2693 views)

Maaden has revealed new targets today to produce 100 tonnes of gold within ten years.

The Saudi Arabian mining firm is currently looking for foreign investment to undertake a number of key projects.

In addition, the business hopes that the new mining investment law would bring more foreign fund investment to the sector.

Muhammad Hani Al-Dabbagh, vice president for precious metals operations told MENAFN: "Maaden plans to produce 100 tonnes of gold within ten years and this requires SR2 billion in investments."

The company is now thought to be worth around several billion dollars and is involved in huge projects.

Maaden is now privatised and fully owned by the government.

 

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