The Company continues to drive transformation across its business and establish strategic partnerships to deliver long-term growth in line with Ma'aden's 2040 strategy and to leverage
QUARTERLY HIGHLIGHTS
Securing long term growth through strategic partnerships and project delivery: Joint venture with PIF to expand international footprint, diversify Ma'aden's product mix and securing supply of the kingdom's strategic minerals.
venture with
Strategic partnership with Shareek to support growth across Ma'aden's asset portfolio and with the
Commissioning activities ongoing at Mansourah-Massarah, Ma'aden's largest gold project expected to produce an average of 250,000 ounces per annum, with initial commercial production on track for H2-FY23.
Growth in sales volumes and strong cash generation offset by lower commodity prices and one-off items
Higher Granulated Fertilizer and Ammonia sales volumes offset by lower commodity prices driving revenue of
Strong cash generation from operations of
Net profit of
Granulated Fertilizer up 35% on Q1 2022 and Ammonia production up 9% on Q1 2022.
Ma'aden remains focused on delivering significant long-term growth. The first quarter saw the continued roll-out of the company's transformation program, Numu, which is helping ensure Ma'aden is fully equipped to capitalize on growth opportunities and drive efficiency across operations. As part of this, the Company has put in place a solid operating model to deliver operational excellence and ensure successful execution of key projects. At the same time Q1 also saw the Company solidify important strategic partnerships that will significantly enhance capabilities across the Company and support growth from exploration through to project delivery.
Supply-demand dynamics are now more effectively managed, raw material prices are easing and fertilizers and ammonia prices have normalized and are expected to remain in-range for the remainder of the year.
This, combined with the successful delivery of key projects that enhance operational capacity, enables Ma'aden to maintain FY23 production and capital expenditure guidance, as outlined at the FY22 results.
We have also struck a number of transformative partnerships that are going to build out our capabilities to support our growth ambitions. Our strategic partnership with Shareek has potential to help accelerate major growth projects across our asset portfolio in
We continue to make good progress to optimize existing operations and bring new projects online. Ammonia 3 production is ramping up towards nameplate capacity and the wider Phosphate 3 project is on track. The aluminium pot relining at Ras Al-Khair is progressing as planned and Mansourah-Massarah, the largest gold project in
Contact:
Tel: +966 (0) 11 874 8000
Fax: +966 (0) 11 874 8300
Email: info@maaden.com.sa
(C) 2023 Electronic News Publishing, source