Saudi Arabia’s mining sector recorded progress across financing, exploration, and corporate performance this week. Maaden expanded its access to global capital through its first international syndicated credit facilities, while Sierra Nevada Gold and Peako advanced copper-gold and gold exploration programs in the Arabian Shield. Meanwhile, United Mining Industries reported strong revenue growth for the first half of 2026, although rising costs and expenses weighed on net profit.
1. Maaden Secures US$1 Billion in International Credit Facilities
Saudi Arabian Mining Company (Maaden) secured US$1 billion through its inaugural international syndicated credit facilities, marking an important step in the diversification of its funding base and its access to global capital providers.
The transaction was significantly oversubscribed and attracted leading banks from the United States, Canada, Europe, China, and Japan. The strong international participation reflects lender confidence in Maaden’s financial position, strategic direction, and long-term growth plans.
The financing comprises a US$500 million international term loan and a US$500 million revolving credit facility. The term loan will support Maaden’s growth strategy, expansion projects, and general corporate purposes. The revolving facility is expected to remain undrawn, providing additional committed liquidity as the company develops its project pipeline.
The agreement comes alongside continued operational growth. Maaden reported a 16% year-on-year increase in second-quarter revenue to approximately US$2.9 billion. EBITDA rose 3% to around US$1 billion, while net profit attributable to shareholders reached approximately US$600 million.
Maaden is also advancing exploration and production projects across its portfolio. This includes a planned joint venture with Saudi Aramco, expected to be 51% owned by Maaden and 49% by Aramco, focused on copper and other minerals required for the energy transition.
The financing strengthens Maaden’s ability to pursue large-scale projects and reinforces its role in unlocking Saudi Arabia’s mineral resources, estimated by the government at more than SAR 9.4 trillion.
2. Sierra Nevada Gold Raises A$12.85 Million for As Safra
Sierra Nevada Gold secured firm commitments for an A$12.85 million capital raising to accelerate exploration and drilling at its As Safra Copper-Gold Project in Saudi Arabia.
The company completed an A$12.3 million single-tranche placement, while directors and management intend to contribute a further A$550,000, subject to shareholder approval. The funds will support drilling, geophysics, technical studies, and related exploration activities at As Safra.
The project covers a mineralised corridor extending approximately 5.5 km and is interpreted as a large intrusion-related copper-gold system. Historic workings, geochemical results, and geophysical signatures indicate a central copper-gold zone surrounded by silver-lead-zinc mineralisation.
High-grade surface samples have returned copper values exceeding 11% and gold grades of up to 244 grams per tonne. Mineralisation is associated with skarn alteration near intrusive contacts, while magnetite, garnet, wollastonite, and elevated bismuth-tellurium signatures provide potential vectors toward high-grade feeder zones at depth.
Phase one drilling confirmed a coherent copper-mineralised system across the more than 800-metre-long Central Copper Zone and identified a second copper system at As Safra Southeast. Much of the wider 5.5 km corridor remains untested.
Sierra Nevada expects phase two to include more than 25,000 metres of reverse-circulation and diamond drilling, together with approximately 10.5 km of trenching. The program will combine resource definition, expansion, and exploration drilling and is expected to begin within six weeks of the financing announcement.
The scale of the program positions As Safra as one of the notable emerging copper-gold exploration projects in the Kingdom.
3. Peako Begins Magnetic Surveys Ahead of Maiden Drilling
Peako commenced high-resolution magnetic surveys across five priority targets at its Saudi Arabian projects ahead of maiden drilling programs planned for October.
The drone-based surveys cover 54 km² and approximately 1,400 line kilometres across the Sukhaybarat South, Wadi Jarir, and Jabal Jumaymah licence areas. Most of the work will be completed at 30-metre line spacing and an altitude of 33 metres to produce detailed magnetic data.
The program will also collect high-resolution imagery and topographic information. These datasets will improve geological interpretation, structural mapping, and lithological modelling while helping the company refine its drill targets and plan access to priority areas.
At Sukhaybarat South, three survey grids cover the Redhill Southeast, Matar, and Karak targets. Historic reverse-circulation drilling at Redhill Southeast returned intercepts including 4 metres at 11.32 grams per tonne gold and 5 metres at 5.60 grams per tonne gold from drilling conducted on widely spaced lines.
At Wadi Jarir, a 19 km² survey grid covers an 8 km by 2 km corridor where recent sampling identified a multi-kilometre quartz-carbonate vein system, with grades reaching 41.5 grams per tonne gold.
At Jabal Jumaymah, a 3 km² grid covers a priority area where historic scout drilling intersected 7 metres at 10.12 grams per tonne gold from a depth of 18 metres.
Peako’s Saudi portfolio comprises six projects covering approximately 862 km² in the Central Arabian Gold Region. The surveys represent an important step in converting historic results and recent surface sampling into drill-ready targets.
4. United Mining Industries Reports Revenue Growth but Lower Profit
United Mining Industries Company reported net profit attributable to shareholders of SAR 9.1 million for the first half of 2026, down 8.5% from SAR 10.0 million in the corresponding period of 2025.
The profit decline came despite a 19.2% increase in revenue to SAR 118.3 million, compared with SAR 99.3 million a year earlier. The company attributed the revenue growth mainly to higher export sales and increased sales of gypsum products and cement boards.
According to the company, net profit was affected by the cost of revenue rising faster than sales, in addition to higher selling and marketing expenses, increased finance costs, and the recognition of a deferred tax charge during the period.
Total shareholders’ equity, excluding non-controlling interests, increased 9.5% to SAR 208.4 million from SAR 190.3 million. Earnings per share declined to SAR 0.65 from SAR 0.71.
The results indicate improved sales activity and a stronger equity position, but also highlight the importance of cost control and margin protection as operating and financing expenses increase.
Saudi Arabia’s mining sector continues to gain momentum across financing, exploration, and project development. Follow Mining Saudi Arabia for the latest industry updates and insights.
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