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Saudi Maaden plays ‘key’ role in mining sector development: CEO

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Darren Davis, CEO of Saudi Arabian Mining Company (Maaden), said the Kingdom's investments were key in developing the country's mining industry, during a panel discussion at the Future Investment Initiative in Riyadh on Wednesday.

“The big infrastructure has been done,” said Davis, adding that the opportunity is instead in “soft infrastructure” like education and healthcare. Reinvestment back into the community has been coordinated with government agencies in the north of the country and has produced results, explained Davis.

The panel also featured Young-Hoon Lee, President & CEO of South Korea's POSCO E&C. The panel discussed public-private partnerships and the process of construction projects.

Saudi-listed Maaden, which is the largest miner in the Kingdom, posted a loss in the third quarter of 2019 due to higher expenses related to the commencement of operations at two of its affiliates.

Results were also affected by a fall in prices of all products, except gold and a decrease in the sales volume of ammonia, aluminum and alumina, the company said.

Shares of the company are down 14 percent on the Saudi Stock Exchange (Tadawul) this year.