BRIEF-Saudi's Ma'aden Unit Signs EPC Contract For Mansourah & Massarah Gold Project

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BRIEF-Saudi's Ma'aden Unit Signs EPC Contract For Mansourah & Massarah Gold Project
Credit: © Reuters.

July 21 (Reuters) - SAUDI ARABIAN MINING CO SJSC 1211.SE :

* UNIT MA'ADEN GOLD & BASE METALS CO PROJECT SIGNED A CONTRACT WITH OUTOTEC AND LARSEN &TOUBRO CONSORTIUM

* CONTRACT FOR FOR ENGINEERING, PROCUREMENT AND CONSTRUCTION OF MANSOURAH & MASSARAH GOLD PROJECT

* CONTRACT VALUE 2.27 BILLION RIYALS($606 MILLION)

* CONTRACT DURATION

36 MONTHS

* TOTAL COST OF PROJECT IS ABOUT $880 MILLION

* FINANCIAL IMPACT IS ESTIMATED TO BEGIN IN Q2 OF 2022G, WHEREAS RAMP-UP WILL BE THEREAFTER

* MANSOURAH MASSARAH PROJECT WILL PRODUCE AN AVERAGE OF 250,000 OUNCES OF GOLD PER YEAR THROUGHOUT THE LIFE OF MINE WHICH IS 12 YEARS

* EXPECTS THAT INITIAL PRODUCTION WILL OCCUR ON Q2,2022.

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