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Saudi miner Ma’aden posts $1.52m Q4 2015 loss

The Tadawul-listed company attributed its net loss to low product prices

by Neha Bhatia
Saudi miner Ma'aden posts $1.52m Q4 2015 loss

Saudi Arabian Mining Company (Ma’aden) reported a Q4 2015 net loss worth $1.52m (SAR5.7m). 

The Gulf’s largest miner, listed on Saudi stock exchange Tadawul, said its loss in the three months to 31 December was due to lower product prices. 

Ma’aden had reported a $100.2m (SAR376m) profit in Q4 2014. 

The company said it would not pay dividend for the fiscale year of 2015 due to its ongoing development and financing plans. 

According to Reuters, Ma’aden also attributed the loss to an increase in the net loss recorded by an unnamed joint venture it is a part of.  

In October 2015, Ma’aden announced its total investment in projects now exceeds $26.6bn (SAR100bn).