Maaden’s CEO has outlined an “unprecedented” $110 billion investment that will include expanding its aluminium business.
Maaden CEO, Bob Wilt, highlighted the company’s plans at the Future Minerals Forum in Saudi Arabia, in a live discussion entitled “Maaden: Creating a World Champion for Saudi Arabia” with David Eades, broadcaster and journalist.
“We are deploying capital at an unprecedented pace,” he stated.
“About $110 billion USD in a major capital programme over the next decade that will […] double our aluminium business,” stated Bob Wilt. “This is in the next five years.”
The investment will also be spread across Maaden’s phosphate and gold businesses.
Mr Wilt also emphasised the importance of working with government and policymakers to expand Maaden’s operations and work with Saudi Arabia’s critical minerals strategy.
He also highlighted collaboration and partnerships, working with other industry leaders such as Alcoa. “We’re humble enough to realise we can’t do this alone,” he said.
“Aluminium is a tech play,” he added. “The infrastructure of Saudi Arabia to become a data mining hub, an AI hub, won’t happen without me keeping up with the demand to electrify the Kingdom.”
Mr Wilt also touched on nurturing new talent and the green transition: “How we operate, sustainably and responsibly, hasn’t changed,” he concluded.
