Mining Ma’aden to invest billions after profit surge By Edmund Bower March 7, 2025, 4:03 PM Unsplash+/Getty Images Ma'aden says it intends to invest heavily after profits bounced back Ma’aden profit up 82% SAR10bn investment plans ‘A standout year’, says CEO The Saudi state mining company Ma’aden is looking to invest between SAR8.6 billion and SAR10.6 billion ($2.3 billion to $2.8 billion) this year as profits bounce back after a three-year low. It announced an 82 percent year-on-year increase in profits for 2024 to reach SAR2.87 billion, according to a disclosure made to the Saudi Stock Exchange. Net profits were offset by non-cash impairment charges, which relate to a reduction in the value of its assets, and lower depreciation expenses. They were supported by the redemption of a SAR563 million insurance claim. The increase was fueled by improved sales, higher commodity prices and a decrease in the cost of raw materials, the disclosure read. “This was a standout year for Ma’aden, delivering record production and one of the strongest financial performances in our history,” CEO Bob Wilt said in the report. “Our exploration made significant progress, and this momentum is expected to continue with strong results in 2025.” While its profits rebounded compared with 2023, they were less than a third of the record SAR9.3 billion recorded in 2022. Saudi Arabia turns to recycling to enhance mineral recovery UAE’s Ambrosia pays $500m to Allied Gold for Mali mine Canada’s Barrick seeks to tap $2trn of Saudi minerals Ma’aden is investing heavily in its effort to become the most valuable mining company by asset value by 2040. It is aiming to grow the size of its assets ten-fold over the next 15 years. The company’s share price was SAR44.45 on Friday, up 1.7 percent from the day before, but still down from a SAR50.3 at the start of the year. Saudi Arabia claims to have $2.5 trillion of potential mineral resources. It is aiming to target the mining sector’s contribution to GDP from $17 billion to $75 billion by 2035.
