Maaden, a Saudi state-owned mining company, has announced its Q4 2024 financial results, whereby it says its new aluminium recycling plant at Ras Al-Khair is undergoing a pre-feasibility stage. The company says its bankable feasibility stage is expected in the third quarter of 2024.
The plant will reportedly have an annual recycling capacity of 400,000 tonnes. However, no details are shared on the project's construction and costs.
This aluminium recycling project represents Ma'aden's strong commitment to sustainability, environmental well-being, and a circular economy. In April 2024, Ma'aden acquired special recognition at the Sharjah Award for Excellence in Performance Improvement in pursuit of sustainability and positive transformation in the mining sector.
In the Middle East, the United Arab Emirates and Saudi Arabia are the two largest centres of aluminium recycling. According to AL Circle's recycling report, recycled aluminium usage in the Middle East & Africa is expected to grow at a CAGR of 3.06 per cent during 2019-2030, reaching 766,000 tonnes.
Ma'aden, in its fiscal results, also highlighted a net profit of SR2 billion ($532 million) during the six-month period ended June 30, 2024, marking a striking increase of 160 per cent compared to the same period of the previous year.
Robust performance in primary aluminium and good sales bolstered the company's solid financial output.
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