Precious Metals
Saudi’s Maaden awards $104mln EPCM contract for Ar Rjum goldmine
Maaden (Saudi Arabian Mining Company) announced on Thursday that it has awarded an Engineering, Procurement and Construction Management (EPCM) contract worth 391.1 million Saudi riyals ($104.3 million) to US-based Bechtel for its Ar Rjum gold mine located in the Makkah Region.
The Tadawul-listed company had announced its Final Investment Decision (FID) on Ar Rjum in August as part of its plans to double gold production by 2030.
Bechtel will provide EPCM services for the construction of the open-pit mine and processing facilities capable of handling a throughput of eight million tonnes per annum (Mtpa) of ore, the press statement said.
Ar Rjum is projected to produce 3.6 million ounces of gold over a 12-year life of mine period, it added.
The duration of the EPCM contract, inked with Saudi Arabian Bechtel Company (SABCO) and Bechtel Australia PTY LTD is 39 months, Maaden said in a stock exchange statement, adding that Ar Rjum's annual production is estimated at 30,000 ounces.
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