REPRESENTED by President and CEO Engr. Khalid Al Mudaifer, Ma'aden (Saudi Arabian Mining Company) was recently honored at the 2015 Top CEO Awards in the Gulf Cooperation Council (GCC) presented by TRENDS magazine in collaboration with INSEAD Business School and Hawkamah. The award was based on Ma'aden's performance in 2014 highlighted by an increase of 231% in operating profit amounting to SR1997 million compared to SR603.58 million in the same period in 2013. In 2014, Ma'aden completed its fully integrated “mine to metal” aluminum project; increased the commercial production output of its phosphate project in Ras Al Khair; and expanded its access to new markets in 7 countries in Asia and South America. Ma'aden affiliate Sahara & Ma'aden Petrochemicals Company (SAMAPCO) also started commercial operation to produce caustic soda and ethylene dichloride. Ma'aden also made significant progress in its gold projects in the Makkah region with the start of production at As Suq mine and the ongoing development of Ad'Duwayhi mine. In addition, the company also acquired a 50% share in the Jabal Sayid copper project to diversify its products. Ma'aden recently succeeded in offering rights issue shares to increase the company's capital of SR9.250 million to SR11.685 million to finance its phosphate project in Wa'ad Al Shamal Industrial City and aluminum operations at Ras Al-Khair. Engr. Al Mudaifer said: “I would like to congratulate and thank everyone across Maaden for this achievement. You should all be proud of this award as it represents all your significant contributions to our growth in the past few years. It also represents an important milestone for Maaden as we move forward on our journey to become a world class minerals enterprise.”— SG
