Maaden taps Bechtel companies for Al Rjum gold mine contract: Saudi Arabian Bechtel Company (Sabco) and Bechtel Australia secured a SAR 391.1 mn (USD 104.3 mn) engineering, procurement, and construction management (EPCM) contract from Saudi Arabian Mining Company (Maaden) for the Al Rjum gold mine project in the Central Arabian Gold Region, Maaden said in a disclosure to Tadawul.

The details: The project is expected to produce around 3.6 mn ounces of gold over its 12-year life, with an expected annual output of 300k ounces. The 39-month contract follows Maaden’s board approval of the final investment decision to develop the mine in August.

A new gold strategy: Maaden is launching a “strategy refresh” aimed at doubling its gold output by 2030 and building a rare earths supply chain, CEO Bob Wilt said last month. The company plans to spend around USD 2.5 bn annually over the next five years on copper, gold, and rare earth projects, using Saudi Aramco’s geological data for exploration. It is also pursuing partnerships with global miners like Barrick and Ivanhoe Electric and making overseas investments through its Manara arm.

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