Saudi State Miner Maaden Sees Commodity Rally Continuing in 2021
- Maaden CEO Al Harbi sees more spending on metals exploration
- Saudi miner plans to expand gold and phosphate production
A processing plant at the Ras Al Khair Industrial City, operated by the Saudi Arabian Mining Co. (Ma'aden) in Ras Al Khair.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Saudi Arabia’s state miner swung to a second-quarter profit boosted by a surge in commodity prices, and its chief executive said the rally will likely continue into 2021.
Maaden, as Saudi Arabian Mining Co. is known, reported net income of more than 1 billion riyals ($266.7 million) for the first time in almost eight years. The company’s second-quarter profit of 1.10 billion riyals, in line with expectations and helped by a 52% jump in sales, is up from a 434 million riyal loss in the same period a year ago.