Ma’aden aspires to be the Saudi Arabian sustainable mining champion. Launched in 2021, our corporate strategy sets out an ambitious plan to deliver 10x EBITDA growth by 2040 and to create substantial shareholder value while driving socio-economic impact for the Kingdom in alignment with Vision 2030 and the Mining Strategy.
Our vision is supported by four strategic pillars:
Strategic pillars
Leverage KSA resources
Increase capacities in current and new minerals through new mines or expansions of our current mines and processing lines.
Value focus
Redirection towards a more profitable and advanced product portfolio.
Productivity drive
Significant uplift of throughput and cost optimizations across value chains.
ESG stewardship
Intensified efforts to make a significant leap towards sustainable operations.
2023 achievements
- Record phosphate production this year.
- Pogressing phosphate strategy with the Phosphate 3 project and Board’s approval for the Final Investment Decision (FID) to start construction.
- Commissioned the largest ever gold mine in the Kingdom: Mansourah-Massarah.
- Phosphate and ammonia penetrated two new markets: Bulgaria and Thailand.
- The second largest exporter of phosphate fertilizers in the world.
- New products e.g., blue ammonia further increased portfolio diversification.
- Strengthening of sustainability and environmental initiatives to contribute to the protection of the environment and tree plantation initiatives by signing a Memonrandum of Understanding (MoU) with the Royal Commission for Jubail and Yanbu.
- Agreement to establish a mining college and sponsor several of its students signed with the Ministry of Mines and Mineral Resources (MIMR) and King Fahad University of Petroleum and Minerals (KFUPM).
Successful exploration leadership
- Continued roll out of the world’s largest exploration program in a single jurisdiction.
- Doubled the exploration pace (2x-3x across ~23,000 km²), enabling early-stage discoveries.
- Established strategic partnerships with Barrick and Ivanhoe Electric to take greater strides towards exploration targets.
- Expanded the exploration area around Jabal Sayid and leveraged the cutting-edge typhoon technology to further accelerate the exploration of vast areas.
- Launched Manara partnership with PIF with the mandate to take minority stake positions in global mining asset investments, including signing first key strategic agreement to acquire a 10% stake in Vale Base Metals Ltd.
Foundation
- Implemented financial discipline such as deleveraging of the balance sheet by SAR 3 billion debt prepayments and achieving Investment Grade Credit Ratings from Moody’s (Baa1 with a “Stable”outlook) and Fitch (BBB+ with a “Stable”outlook).
- Implemented the operating model through the NUMU transformation.
