Riyadh, Saudi Arabia – 23 October 2025: Maaden (Saudi Arabian Mining Company), one of the world’s fastest-growing mining companies, has awarded a major Engineering, Procurement and Construction Management (EPCM) contract to Bechtel for its Ar Rjum gold mine. The announcement follows Maaden’s Final Investment Decision (FID) on Ar Rjum in August 2025 as part of its plans to double gold production by 2030

Under the SAR 391.1 million (USD 104.3 million) agreement, Bechtel, a trusted global leader in engineering, construction and project management, will provide EPCM services for the construction of mine and processing facilities. 

The multi-year agreement will support the development of Saudi Arabia’s newest gold mine at Ar Rjum, located in the Makkah Region, approximately 200 kilometers northeast of Ta’if, Ar Rjum, is projected to produce 3.6 million ounces of gold over a 12-year life of mine period. The project will include an open-pit operation and a state-of-the-art processing facility capable of handling a throughput of eight million tons per annum (Mtpa) of ore.

Bob Wilt, CEO of Maaden, said: “The Ar Rjum Project is a major milestone in Maaden’s journey to strengthen our portfolio. We have ambitious targets for our gold business and Ar Rjum will be a major component of our ability to double production, as well as to grow at pace and continue to build our pipeline of talent to deliver our strategy. We maintain our confidence in the significant opportunity offered by the Kingdom’s mineral endowment and gold will play a key role in unearthing that potential.”

Ailie MacAdam, President, Bechtel Mining & Metals said: “For more than 80 years, Bechtel has helped shape the region’s infrastructure — from landmark projects like Jubail Industrial City to the recent completion of the Riyadh Metro. Our legacy of delivering complex, world-class projects, together with deep mining expertise, positions us to deliver this critical project. In partnership with Maaden — and leveraging Bechtel’s global supply chain of more than 7,000 suppliers along with our strong local partnerships — we’re proud to support a project that advances long-term regional growth and prosperity.”

Maaden’s partnership with Bechtel extends its track record of working with world-class global engineering and mining firms to deliver projects that transform the Kingdom’s resource landscape. Over its expected 12 years of operation, the Ar Rjum project will create lasting economic value, open new opportunities for local suppliers, support nearby communities and help fuel the rapid growth of Saudi Arabia’s mining sector.

In a world where food has become as strategic as energy, Saudi Arabia is seizing its next growth opportunity – helping feed the planet. On World Food Day, Hasan Al-Ali, Executive Vice President of Maaden’s Phosphate Business Unit, explains why Maaden is investing to expand its phosphate business – a move set to make Saudi Arabia the second largest phosphate fertilizer exporter in the world and a pillar of global food security.

World Food Day is a reminder that food security is the defining challenge of our time. By 2050, the global population will approach 10 billion people. Farmers will need to grow more food on less land, inconsistent supply chains and under harsher climatic conditions resulting in low crop yields. Fertilizer is the single most important input to make that possible. Phosphate fertilizers areindispensable - they enrich nutrient deficient soils and improve crop production. Without phosphate, the world cannot feed itself.

Saudi Arabia is home to some of the world’s largest phosphate reserves, known for exceptionally low levels of heavy metals. While less recognized than the Kingdom’s gold or energy wealth, phosphate is rapidly gaining strategic importance as food security and fertilizer scarcity rise on the global agenda.

Our country’s phosphate reserve represents both a responsibility and an opportunity: a responsibility to harness it in support of global food security and a powerful business opportunity to transform natural resources into long-term economic value.

Supplying local farmers in Saudi Arabia and around the world, Maaden’s fully integrated and optimized supply chain delivers around 20% of the global phosphate supply, supporting farmers and industries across more than 30 countries, including Brazil, India and Kenya. As demand continues to grow, we’re making a major investment to expand capacity and deliver on an even greater scale.

Maaden’s phosphate operations are anchored by two major industrial hubs: Wa’ad Al Shamal in the north and Ras Al Khair on the Arabian Gulf coast. Wa’ad Al Shamal focuses on mining and processing, while Ras Al Khair manages finishing, storage and export to global markets. The Phosphate 3 mega project is now underway to expand and upgrade both hubs, boosting production capacity by 50% to reach nine million tons annually.

What makes this expansion even more powerful is that it builds on an already fully integrated system. Our phosphate moves from mine to port entirely within the Kingdom, protected from many of the external disruptions that affect global markets, allowing us to deliver consistently and competitively to farmers worldwide, no matter the conditions.

A decade ago, Maaden was not even on the global phosphate map. Today, we produce 6 million tons of phosphate. Tomorrow, with the increase production capacity across our phosphate hubs, we are on track to position Saudi Arabia among the top three phosphate producers and the second-largest exporter worldwide. 

This is Vision 2030 in action. Saudi Arabia stands at the forefront of one of humanity’s greatest challenges: securing the world’s food supply. At the same time, the Kingdom is unlocking powerful new ways to grow its own economy. Maaden is turning that vision into reality by transforming natural resources into global solutions and proving that mining isn’t just vital to the Kingdom’s future, but to the world’s.

On this World Food Day my message is clear: Maaden is proud to help feed the world and equally proud to make phosphate central to the Kingdom’s economic transformation and long-term prosperity.