Saudi Arabia’s mining sector saw a mix of corporate developments, exploration progress, production indicators, and financial results this week.

Key developments included a leadership change at AMAK, a new polymetallic discovery at the As Safra project, fresh mining and quarrying activity data from GASTAT, and stronger first-half earnings from Maaden.

AMAK Appoints Savas Sahin as Managing Director

Almasane Alkobra Mining Company (AMAK) announced the mutual termination of its contractual relationship with Chief Executive Officer Geoffrey MacDonald Day, effective 13 August 2026.

At the same time, the company’s Board of Directors appointed Savas Sahin as Managing Director and changed his board membership status to Executive Director, also effective 13 August.

Sahin brings more than 28 years of experience in the mining industry and previously served as CEO of AMAK between 2017 and 2021.

During his previous tenure, he contributed to the restructuring of operations at the Al Masane mine, the development of Guyan, the launch of the Moyeath project, and preparations for the company’s listing.

His return comes as AMAK continues to develop its mining portfolio and advance its operations in Saudi Arabia.

Sierra Nevada Gold Reports Polymetallic Discovery at As Safra

Sierra Nevada Gold announced the discovery of a polymetallic breccia system at its As Safra copper-gold project in Saudi Arabia following exploration drilling that intersected gold, silver, copper, zinc, and lead mineralization.

The newly identified zone lies approximately 400 metres south of the Central Copper Zone.

According to the company, the results support its interpretation that mineralization at As Safra developed through multiple stages of hydrothermal activity rather than a single copper-related mineralizing event.

Key drilling results included:

• 11 metres of mineralization.

• 1.15 g/t gold.

• 108.7 g/t silver.

• 0.21% copper.

• 4.64% zinc.

• 1.88% lead.

• Mineralization beginning at a depth of 49 metres.

The company is now planning a larger Phase 2 exploration programme involving more than 25,000 metres of reverse circulation and diamond drilling.

The programme is expected to focus on expanding known mineralized zones and testing extensions along an approximately 5.5-kilometre mineralized corridor.

The latest discovery adds another exploration target to Saudi Arabia’s growing pipeline of copper, gold, and polymetallic projects.

Saudi Mining and Quarrying Activity Falls Annually but Improves Month-on-Month

Latest data from Saudi Arabia’s General Authority for Statistics showed that the mining and quarrying activity index declined by 27% in June 2026 compared with June 2025.

However, the index increased by 5.1% compared with May 2026.

The figures indicate a significant annual contraction while showing an improvement in activity on a monthly basis.

Mining and quarrying remains an important component of Saudi Arabia’s industrial economy, making the monthly recovery an indicator to watch as new projects, exploration programmes, and mining investments continue to progress across the Kingdom.

Maaden Reports Higher First-Half Profit as Product Prices Support Revenue

Saudi Arabian Mining Company (Maaden) reported stronger financial results for the first half of 2026, supported by higher selling prices and lower financing costs.

Net profit increased by 9.8% year-on-year to SAR 3.81 billion, while revenue rose by 10% to SAR 19.73 billion.

Higher selling prices across the company’s business units supported revenue growth during the period.

Key first-half figures included:

• Net profit: SAR 3.81 billion, up 9.8%.

• Revenue: SAR 19.73 billion, up 10%.

• Gross profit: SAR 6.51 billion, down 3%.

• Operating profit: SAR 4.90 billion, up 1.2%.

• Earnings per share: SAR 0.98, compared with SAR 0.90 in H1 2025.

Gross profit was affected by higher sales and raw material costs in the phosphate business.

Maaden also delivered stronger growth during the second quarter.

Second-quarter results included:

• Net profit of SAR 2.18 billion, up 13.2% year-on-year.

• Revenue of SAR 10.94 billion, up 16.2%.

• Net profit increased by 33% compared with Q1 2026.

• Revenue increased by 24% quarter-on-quarter.

The company attributed the stronger revenue performance to higher product prices as well as increased aluminium and gold sales volumes.

Meanwhile, its phosphate business continued to face higher supply-chain and raw-material costs, particularly sulphur.

What This Week Signals for Saudi Mining

This week’s developments highlight several different layers of Saudi Arabia’s mining market.

At the corporate level, AMAK’s leadership transition comes as the company continues developing its existing assets and project pipeline.

On the exploration side, Sierra Nevada Gold’s latest As Safra results demonstrate continued interest in identifying and expanding copper, gold, and polymetallic systems across the Kingdom.

GASTAT’s latest figures show that mining and quarrying activity remains subject to short-term fluctuations, despite the broader expansion of exploration and investment activity.

At the same time, Maaden’s financial performance illustrates how commodity pricing, production volumes, and operating costs continue to shape the performance of the Kingdom’s largest mining company.

Together, these developments reflect a Saudi mining sector moving simultaneously across exploration, project development, corporate transformation, and commercial growth.

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