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Ma’aden plans to boost annual gold output

The National Commercial Bank has said the Saudi Arabian Mining Co (Ma’aden) plans to increase its annual production of gold to 400,000 ounces by the year 2015, Saudi Gazette has reported. The company’s gold and base metals business, Ma’aden Gold is developing a new gold zone in the Central Arabian Gold Region (CAGR) and also carries out an extensive precious and base metals exploration development program in the kingdom. Ma’aden Gold concluded in February 2012 an agreement worth SR1bn to implement Al-Duwayhi Gold Mine Project. The project, with an annual productive capacity of 180,000 ounces of gold, is expected to go on stream in 2015.