Maaden is planning to boost gold output, from 415koz ounces this year to 1mn oz by 2025, which will make it one of the world’s top 20 gold producers, according to Maaden’s CEO, Darren Davis. To facilitate this, Maaden plans to boost its exploration budget to SAR250mn (USD66.7mn) this year, about triple its average spending over the past decade, when the focus will be on gold, copper and zinc. In his interview with Bloomberg, Davis added that the company plans to reduce its debt-to-EBITDA ratio from 6 to 3 or 4 within five years and is open to restructure current debt or offer shares in a rights issue. He also highlighted that borrowings for future projects will not exceed 30%, down from the current 70% debt financing that is typically used by the company. (Bloomberg)
 
Maaden: SAR55.10 as of 3 Apr. 2019, Rating: Neutral, TP: SAR47.00/share, MCap: USD17,169mn, MAADEN AB/1211.SE