Hanwha Engineering & Construction Corp., a South Korean builder, said Wednesday that it has signed a US$270 million deal to build facilities to produce gold bars in Saudi Arabia.
Under the deal with Saudi Arabian Mining (Ma’aden), Saudi Arabia’s state-owned mining company, Hanwha E&C will construct the facilities as well as a residence and research center near Al Humiyah, about 450 kilometers southwest of the kingdom’s capital Riyadh.
The facilities, to be built in two years, will be capable of processing 2 million tons of ore per year to produce bullion, according to the company.
Khalid Al Mudaifer, Ma’aden’s president and CEO, said last month that the gold processing plant will produce about 180,000 ounces of gold per year and is a key part of Ma’aden’s program to develop several new gold mine facilities in the central western region of Saudi Arabia, which contains much of the kingdom’s gold rich ore deposits.
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