Maaden starts commercial production at gold mine
Saudi Arabia's largest mining group, Maaden, has announced the start of commercial production at Ad Duwayhi gold mine by its subsidiary, Maaden Gold & Base Metals Company.
The company said the effect of the mine on its financial results will become apparent from the second quarter of 2016.
Ad Duwayhi mine has an estimated average annual production capacity of 180,000 ounces of gold over the life expectancy of the mine and that mine production capacity will gradually ramp up over the year to reach 100 percent by the end of 2016. Noting that as at December 31, 2015, the mine had reserves of 1.9 million ounces of gold.
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