Saudi Arabia: Ma’aden Signs Contract to Develop Al-Rajoom Gold Mine under Vision 2030

Saudi Arabian Mining Company “Ma’aden” has signed a contract to develop the Al-Rajoom Gold Mine valued at SAR 391 million (approximately USD 104.3 million), with Bechtel Arabia and Bechtel Australia providing engineering, procurement, and construction management (EPCM) services, according to the company’s statement. The contract spans 39 months, with the financial impact of the project expected to be reflected after the commencement of operations.

The Al-Rajoom Mine is expected to produce approximately 3.6 million ounces of gold over 12 years, averaging 300,000 ounces annually. The project is part of Ma’aden’s strategy to strengthen its presence in the Saudi gold sector, in line with Vision 2030 objectives to increase the contribution of mining to the national economy.

Ma’aden had previously announced in August 2025 that its Board of Directors approved the final investment decision for the mine’s development. The mine is classified as a Category 2 asset in the Central Arabian gold region, representing a strategic step in the company’s domestic gold production expansion.

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