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Mining Annual Report Mining Annual Report Annual 2015 Mining for shareholder value and Annual Report 2015 national development Cover photo: Bulghah open pit gold mine Al Sukhaybarat open pit mine Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud Crown Prince and Deputy Premier and Minister of Interior Prince Mohammad Bin Naif Bin Abdulaziz Deputy Crown Prince and Second Deputy Premier and Minister of Defense Prince Mohammad Bin Salman Bin Abdulaziz 2015 Annual Report Contents 07 Who we are 25 Strategy and 09 Introduction analysis 16 Board of Directors 27 Consolidating 18 Management our strengths and Committee positioning for the 01 20 Chairman’s statement 02 future 22 CEO’s review 31 Governance, risk and compliance 36 Ma’aden organizational 49 Exploration, structure mineral resources 37 Executive Committee and ore reserves 38 Audit Committee 51 Exploration 39 Nomination and 53 Mineral resources 03 Renumeration 04 and ore reserves Committee 41 Management Committee 77 Enabling 59 Operations excellence and business 79 Human capital 61 Phosphate fertilizers 83 Procurement 65 Industrial minerals 84 ICT 69 Aluminium 85 Embedding 73 Precious and base sustainability 05 metals 06 87 EHS 89 Delivering stronger social performance 95 Financials 159 Appendix 96 CFO’s review 160 JORC definitions 102 Consolidated 162 Glossary of terms financial 163 Forward-looking statements statements 07 08 164 Acknowledgement 06 Section 01 Who we are Ma’aden is coming of age, leading the development of the mining sector in Saudi Arabia and building a diverse portfolio of products that add value to the Kingdom’s mineral resources. Our phosphate plant in Ras Al Khair 2015 Annual Report Who we are Introduction Ma’aden: adding value to Saudi mineral resources We are among the fastest growing mining Ma’aden was established in 1997 with a companies in the world and the largest mandate to develop Saudi Arabia’s minerals multi-commodity mining and metals company sector. In the 18 years since, we have done in the Middle East. In 2015, Ma’aden was exactly that, focusing on gold, phosphate ranked among the top 20 global mining fertilizers, industrial minerals, aluminium companies in terms of market capitaliz- and copper. In the process, we have: ation, based on its performance in 2014. • built one new industrial city (Ras Al Khair), with work on building a second (Wa’ad Al Shamal) The value-creating impact of Ma’aden’s progressing rapidly, both in remote areas of achievements and our contribution to national Saudi Arabia; development in Saudi Arabia are far-reaching. • contributed significantly to the country’s This is the natural outcome of our role as the non-oil GDP; champion of the country’s mining industry, • created thousands of jobs and helped develop the third pillar of industrialization in Saudi a new industry-specific workforce; Arabia (oil and petrochemicals being the • extended support to local communities first and second pillars respectively). through health, education and other social initiatives; After investing significant effort, time and • contributed to building new infrastructure resources in building a world-class, unique facilities and and fully integrated mining value chain, we • brought in significant foreign direct investment are now focused on marketing our products and advanced technology. worldwide, improving the return on our invest- ments and consolidating our resources and Today, Ma’aden holds great promise for the experience – even as we continue to develop future: a promise that draws its strength from our new locations and build new industrial plants. success in building world-class industries, our operational and management experience in the mining sector and our contribution to economic and social development in the Kingdom. As the leader of the Saudi mining industry, we are committed to embed sustainability across the Ma’aden enterprise. We are committed to act responsibly towards all our stakeholders: share- holders, customers, business partners, employees and the communities in which we operate, as well as the natural environment near our facilities. 09 2015 Annual Report Who we are Vision Mission To be a world class Champion the responsible development minerals enterprise. of the mining sector as the third pillar of Saudi industry by maximizing the value of the mineral resources for our stakeholders and adopting best-in-class practices. Values Integrity Care Honesty, fairness and the highest Concern and respect for our people, ethical and business standards in our the communities we touch and the relationships with each other and with environments we operate in our stakeholders Ownership Teamwork Personal responsibility and Communication and collaboration empowerment of others for quality results with each other and with our partners in pursuit of our collective goals to achieve success together 10 2015 Annual Report Who we are 2015 Performance Total assets Revenues Net income* SAR SAR SAR 89.38 10.96 605 billion billion million * Attributable to shareholders of the parent company % Revenue contribution by Strategic Business Units Phosphate and .1% industrial minerals 50 Aluminium 43.5% Precious and base metals 6.4% Revenue excluding earnings from Ma’aden Infrastructure Company 11 2015 Annual Report Who we are 2015 Revenue, key products 43.5% Aluminium 4,763 41.5% DAP 4,543 7.0% Ammonia 762 SAR10,956 6.4% Gold 705 million 1.6% Industrial minerals 183 Revenue excluding earnings from Ma’aden Infrastructure Company Production and sales Production, tonnage 2015 2014 % change Sales, tonnage 2015 2014 % change DAP kmt 2,656 2,301 15 DAP kmt 2,634 2,384 10 Ammonia kmt 1,068 1,135 (6) Ammonia kmt 461 660 (30) Industrial minerals kmt 954 1,205 (21) Industrial minerals kmt 1,061 1,081 (1.8) Aluminium kmt 839 668 26 Aluminium kmt 681 531 29 Gold oz 163,618 153,984 6 Gold oz 164,937 151,581 9 12 2015 Annual Report Who we are 2015 Revenue, key products Our locations Umm W'ual Wa'ad Al Shamal TuraifAl Jalamid Tabuk Az Zabirah Hail Al Ba’itha Ras Al Khair Al Ghazalah Al Jubail Dammam Buraydah Global markets Al Sukhaybarat Bulghah Al Madinah Riyadh Yanbu Jabal Sayid Al Amar Mahd Ad Dhahab Massarrah Mansourah As Suq Ar Rjum Ad Duwayhi Jeddah Makkah Taif Jizan Advanced exploration projects Industrial complexes Cities Mines Railway 13 2015 Annual Report Who we are Milestones • Sahara and Ma’aden Petrochemicals Company (SAMAPCO) established in partnership with Sahara Petrochemical Company • Ma’aden Rolling Company (MRC) in the • Ma’aden Bauxite and commissioning phase Alumina Company (MBAC) established in • Completion of a partnership with Alcoa 430km pipeline to carry treated water from • Board of Directors Taif to Ad Duwayhi • Ma'aden signed an approves the energy conversion construction of a • The first cohort of agreement with the pipeline from Taif to students graduate Saline Water Conversion carry treated water to from the Saudi Mining Corporation (SWCC) the new gold mines Polytechnic (SMP) and Saudi Electricity Company (SEC) to • First export shipment • Ma’aden signs contract • Ad Duwayhi develop a joint power from the ammonia to construct the Ad gold mine in the and desalination plant plant in Ras Al Khair Duwayhi gold mine commissioning phase 2008 2009 2010 2011 2012 2013 2014 2015 • Ma’aden Phosphate • Train services connect • Government • SAR5.6 billion raised Company established Al Jalamid and Ras approves the Wa'ad through a special rights in partnership with the Al Khair plants Al Shamal (Northern issue on the Saudi Saudi Basic Industries Promise) project to capital market Corporation (SABIC) • Commissioning build a mining-based of ammonia plant industrial city in the • Ma’aden Wa’ad Al • Ma’aden Infrastructure in Ras Al Khair undeveloped north. Shamal Phosphate Company established Company (MWASPC) as a wholly owned • Ma’aden Aluminium • Ma’aden Phosphate established in subsidiary to provide Company (MAC), Company (MPC) starts partnership with residential and related Ma’aden Rolling production of DAP Mosaic and SABIC services for staff in Ras Company (MRC) Al Khair Industrial City established in • SAR18.9 billion financing partnership with Alcoa facilities signed to fund • Ma’aden becomes a MWASPC projects listed company on Saudi Stock Exchange after a • As Suq mine starts hugely successful IPO commercial production of 50 percent of equity • Ma’aden Barrick Copper • Al Amar gold mine Company (MBCC) starts commercial established as joint production venture to produce copper • Aluminium operations started up with the smelter commercial production • SAR trains transport the first shipment of bauxite from Al Bai’tha mine in Al Qassim to Ras Al Khair Note: Ma’aden was established in 1997 to operate and manage gold mines that operated under the Ministry of Petroleum and Mineral Resources. Ma’aden’s diversification began in 2007, the initial public offering took place in 2008. 14 2015 Annual Report Who we are Growth over the years Total assets Revenues Net income* 1,514 706 634 29,229 34,716 43,573 55,141 63,951 84,541 89,377 5,576 6,047 10,791 10,956 390 (14) 538 1,479 1,816 1,736 605 2009 2010 2011 2012 2013 2014 2015 2009 2010 2011 2012 2013 2014 2015 2009 2010 2011 2012 2013 2014 2015 SAR million SAR million SAR million * Attributable to shareholders of the parent company Recognition 2015 Sa’afah Transparency Award for 2015, the Institute of achieving significant progress in Internal Audit (IIA), awarded corporate governance, disclosure and Ma’aden with the ‘Generally transparency Conforms’ rating, which is the highest rating of
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