Alrosa Goes Underground at Udachny as Surface Ops Wind Down

Alrosa has commissioned the Udachny underground diamond mine in the Sakha Republic, eastern Russia, at the site of a surface mining operation that began in 1971. Upon reaching its design capacity of 4 million metric tons per year (mt/y) of ore in 2019, the underground mine will become the largest underground diamond mine in Russia and one of the largest worldwide.


Saudi Phosphate Project Gets $5 Billion in Financing

Ma'aden Wa'ad Al-Shamal Phosphate Co. (MWSPC) has signed financing facilities for long-term project finance loans with a consortium of 20 financial institutions for SR18.9 billion (about $5 billion) to be used in developing MWSPC's phosphate project now under construction at sites in Wa'ad Al Shamal in northern Saudi Arabia and the existing Ras Al Khair Industrial City. MWSPC is a joint venture company formed by the Saudi Arabian Mining Co. (Ma'aden) to develop the project. Ownership of the joint venture is 60% Ma'aden, 25% The Mosaic Company, and 15% Saudi Basic Industries Corp. (SABIC).


Barrick and Ma'aden Form Copper Joint Venture

Barrick Gold and Saudi Arabian Mining Co. (Ma’aden) agreed in mid-July 2014 to form a joint venture to operate the Jabal Sayid copper mine 120 km southeast of Medina, Saudi Arabia. Barrick acquired its 100% interest in the mine when it acquired Equinox Minerals in 2011.


Precious Metals ($/oz)

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