Ma'aden — Company directory

Saudi Arabia's state-backed mining and metals group, producing phosphate, aluminium, gold and copper from 17 sites and exporting to more than 30 countries.

Ma'aden, the Saudi Arabian Mining Company, is the Riyadh-headquartered mining and metals group created by royal decree in 1997 to develop the Kingdom's mineral resources. Saudi Arabia's Public Investment Fund holds the strategic stake, the shares have traded on the Saudi exchange since 2008, and the company reports 17 operating sites, more than 6,800 employees and exports to over 30 countries. It describes itself as the largest multi-commodity mining and metals company in the Middle East.

From a single gold mine to a multi-commodity group

Ma'aden's first asset was the Mahd Al Dhahab gold mine, opened in the year the company was established. Expansion followed in stages:

2003 — the Bulghah gold mine entered production.
2007 — Ma'aden Phosphate Company was formed with SABIC, taking the group into fertiliser feedstock.
2008 — shares were floated on the Saudi stock exchange.
2009 — Ma'aden Aluminum Company was set up with Alcoa to build the region's first fully integrated aluminium complex.
2011 — the ammonia plant began commercial production.
2013 — Ma'aden Wa'ad Al Shamal Phosphate Company was established with Mosaic and SABIC.
2014 — the Barrick copper venture was launched and the Ras Al Khair rolling mill started up.
2018 — the Public Investment Fund consolidated its strategic interest in the company.
2021 — the board approved the Ma'aden 2040 Strategy.
2023 — Manara Minerals, a joint venture with the Public Investment Fund, was created to invest in mining assets outside Saudi Arabia.

Five business units

The group is organised into five units, which between them cover fertiliser minerals, light metals, precious and base metals, and early-stage exploration.

Phosphate

Ma'aden has built a top-three global phosphate position over two decades, producing more than 6 million tonnes of phosphate and 3 million tonnes of ammonia a year at sites in northern and eastern Saudi Arabia.

Aluminium

The integrated complex at Ras Al Khair covers bauxite mining, alumina refining, smelting and rolling, and supplies customers in more than 22 countries.

Gold and growth metals

Seven gold mines plus a copper joint venture produce upwards of 407,000 ounces of gold a year, alongside silver and zinc resources.

Exploration and industrial minerals

The exploration unit runs what the company calls the largest single-jurisdiction greenfield exploration programme, aimed at the Kingdom's estimated $2.5 trillion mineral endowment and at the growth targets set for 2040. The industrial minerals unit supplies construction, agricultural and water-treatment markets.

2026 results and project pipeline

In its second-quarter 2026 report Ma'aden recorded revenue of $2.9 billion, up 16 per cent year on year, EBITDA of $1.0 billion, 3 per cent higher, and net profit attributable to shareholders of $0.6 billion. The aluminium business posted its strongest financial performance to date and the gold business was described by chief executive Bob Wilt as very strong, while phosphate output was constrained by sulfur supply and logistics problems. First-quarter 2026 results were published earlier in the year.

On the project side, Phase 1 of the Phosphate 3 expansion was on schedule to begin commissioning at the end of 2026, and first gold from Ar Rjum, the company's newest mine, is expected by the end of 2028. In 2026 Ma'aden signed a strategic delivery partnership with the Canadian engineering firm Hatch to support execution of the wider project pipeline, following a memorandum of understanding agreed in January 2026 at the Future Minerals Forum in Riyadh; Hatch has worked on Ma'aden's gold, phosphate and aluminium projects for more than three decades.

Joint ventures and partners

Partnership is central to the group's model. Beyond the SABIC, Mosaic and Alcoa ventures that built the phosphate and aluminium businesses, Ma'aden and Saudi Aramco agreed a minerals exploration joint venture, first disclosed in January 2025, that would be 51 per cent owned by Ma'aden and 49 per cent by Aramco. It would explore the area known as Zone-4, or the Transition Zone, within the Arabian Platform for copper and other energy-transition minerals including zinc, lead and rare earth elements, and. Manara Minerals, the international arm set up with the Public Investment Fund, holds mining interests outside the Kingdom.

Ownership, listing and contact

Ma'aden is listed in Riyadh and anchored by the Public Investment Fund, which aligned the company with Saudi Vision 2030's mining pillar. Corporate affairs can be reached at [email protected] and investor relations at [email protected]; the head office address is P.O. Box 68861, Riyadh 11537, and recruitment is handled through careers.maaden.com. The group publishes quarterly results, an annual report, sustainability and human rights policies, and operates a whistleblowing hotline.