Maaden signs SAR 391.1M EPCM deal with SABCO, Bechtel Australia

Saudi Arabian Mining Co. (Maaden) signed an engineering, procurement, and construction management (EPCM) services contract worth SAR 391.1 million ($104.3 million) with Saudi Arabian Bechtel Co. (SABCO) and Bechtel Australia Pty Ltd.

In a statement to Tadawul, Maaden said the 39-month contract covers EPCM services for the Al Rjum mine project, which is expected to produce 3.6 million ounces of gold over its 12-year operational life, with an annual output of about 300,000 ounces.

The company added that the financial impact will be reflected after the completion of construction and the start of production.

Maaden’s Aug. 7 earnings report stated that the company’s board approved the final investment decision to develop a Tier 2 gold mine in the Central Arabian Gold Region.