By: Zawya

Saudi Arabian Mining Company (Maaden) said the Ar Rjum gold mining project is moving forward with the final investment decision (FID).

The decision will allow the development of a tier 2 gold asset expected to produce around 300,000 ounces annually in the Central Arabian Gold Region, the mining major said in its Q2 2025 financial statement filed with the Saudi stock exchange on Thursday.

The company will continue to uncover more of the Kingdom’s mineral wealth and accelerate exploration in Wadi Al Jaww, driven by promising initial results.

Maaden maintains its full-year capex guidance for 2025 at 7.55 billion Saudi riyals to SAR 9.55 billion, with around 70 percent allocated to growth capex.

Construction continues to progress well on the phosphate 3 phase 1 expansion project after key contracts were awarded in January 2025.

The project is expected to be completed by the end of 2026, with production commencing in 2027 and full capacity expected by the end of 2027, the statement said.