Ma'aden Q4 Newsletter

Ma’aden Quarterly
Newsletter Q4



5

A Message from our Human Capital SVP

Welcome to the Q4 edition of the Ma’aden Newsletter. Throughout 2021, the Human Capital
department has included many key activities and initiatives in its strategy to support the
achievement of both the Ma’aden’s 2040 Strategy and the Saudi Vision 2030.
An overview of some of the initiatives includes an enhanced Employee Value Proposition (EVP)
with revised HR policies, the introduction of Dual Career Paths, new job titles and grade bands,
the launch of the Employee Engagement Survey (ESS), improved Performance Management
processes, and a re-energized Ma’aden Academy, among many others.
In this edition of the newsletter, we explore the launch of transnational facilities, our outstanding
Q3 financial results as well as our participation in international events, among many other
achievements from the past quarter.
We look forward to a prosperous new year filled with achievements and accomplishments.

Ibrahim Al-Amir,
Senior Vice President,
Human Capital

6 Ma’aden Quarterly Newsletter Q4

Introducing the Ma’aden 2040 Strategy

Ma’aden has been growing at nine times the industry rate and ranks among the top 15 mining
companies in the world in terms of market capitalization. At this stage of our growth, we are
proud to introduce the Ma’aden 2040 Strategy, which aims to harness our full potential and
propel us further towards our goal of becoming a sustainable global mining champion.

Ma’aden aims to deliver on its 2040 strategic goals through four strategic pillars:

1) Focus on value: We will focus on upstream 2) Leverage KSA resources: We will increase
business by diversifying our product portfolio production capacities in current value chains
towards high value products and enhance and continue our investment in exploration
our customer intimacy and value chain and mining of Saudi Arabia’s rich mineral
positioning. This implies focusing on our core endowment, which is estimated to be worth
mining component, remain in Gold and Base $1.3 trillion, to grow our business and add new
Metals, Aluminium and Fertilizers, while minerals to our portfolio.
limiting our downstream presence.

3) ESG leadership: We will become a local ESG role model in the Kingdom and contribute to the
nation’s ESG objectives through aligning with the Saudi Green Initiative by reducing our carbon
emissions and using renewable energy with the goal of reducing our groundwater usage by
65%, landfilled waste by 80% and CO2 emissions by 60%. We also aim to increase the proportion
of women and Saudi Nationals in our workforce and work with suppliers that meet our ESG
requirements.

4) Drive productivity: We will increase our productivity drive by adopting new technology,
innovating in our processes, and investing in our people to maximise value.

7

Enviroment, Health, Safety & Sustainability (EHSS)

Ma’aden’s EHSS department had an eventful fourth quarter, having participated in key national
and international conferences and hosting several events and activities at Ma’aden HQ and
affiliate facilities including:

Made in Saudi

Ma’aden has successfully developed and acquired
registration approval for 14 products as part of the “Made
in Saudi” program. A great achievement that contributes
to Ma’aden’s long-term strategy and the Saudi Vision
2030. We look forward to accelerating the program and

‫ كاولين‬/ Kaolinand acquired registration ‫ سبيكة ألومنيوم‬/ Ingot

‫ أكسيد المغنيسـيوم المغنيزيا المتكلسة‬/ ‫ قضبان ألومنيوم‬/ Billet
CCM – Caustic Calcined Magnesia
/ ‫ المغنيزيا الخامدة‬/ ‫اكسـيد المغنيسيوم‬ ‫ الواح الالومنيوم‬/ Slabs
‫ المغنيزيـا المنصهرة‬/ DBM – Dead Burned /
Fusedagnesia ‫ سـبيكة ألومنيوم على شكل‬T / Tee-Bar

‫ الحراريات‬/ Refractory Monolithic (Magnesia ‫ البوكسـايت الصناعي‬/ Industrial Grade Bauxite
based)
‫ كربونات المغنيسيوم‬/ Magnesium ‫ فوسـفات ثنائي الالومنيوم‬/ Diammonium
Carbonate / Raw Magnesite / Magnesite Phosphate (DAP)
‫ البوكسـايت منخفض الكثافة‬/ Low Grade ‫ فوسـفات احادي الالومنيوم‬/ Mono-
Bauxite Ammonium (MAP)

8 Ma’aden Quarterly Newsletter Q3

MPC

The Ras Al Khair QA/QC team has successfully completed a
proficiency program among all Ma’aden’s affiliates, with the
goal of enhancing analytical skills and accuracy in the delivery
of lab results.

In view of the risk control and mitigation program, the PAP team identified 16 hazards and
developed 38 action points, of which 26 are closed and eight are ongoing.

MPC - JALAMID

With full support from the EHSS team and
in accordance with all safety standards and
procedures, the MPC team has successfully
completed Jalamid TAM during the month
of October, boasting more than 48,000 safe
manhours with a 190 manpower increase
to the MPC team.

MPC – RAK

Among its many achievements, Ma’aden
Phosphate Company organized a blood
donation initiative to support cancer
patients at the company’s clinics (Ras
Al Khair & Jalamid) from the 14th-16th
December.

MTP 9

The Ma’aden Transformation Program (MTP)
has made a variety of accomplishments
over the last quarter, these include: the sign
off of Blueprint Document (BPDD) supply
chain & procurement – inbound logistics,
commencement of the Professional Training
sessions and User Acceptance Test (UAT)
sessions on MHCM, launch of the MTP intranet
page, the MTP townhall, among others.

RAK – MAC

Ma’aden Aluminum’s technical and central maintenance teams have successfully completed the
in-house repair of Anode Stems and Rods at the central workshops with close support and
sponsorship by the smelter. This achievement meets Ma’aden Aluminum’s critical maintenance
requirements and will contribute to annual savings of SAR 8 million.

10 Ma’aden Quarterly Newsletter Q4

Human Capital

Throughout 2021, the Human Capital department has included
many key activities and initiatives in its strategy to support the
fulfillment of both the Ma’aden 2040 Strategy and the Saudi
Vision 2030.

An overview of some of the initiatives
includes; an enhanced Employee
Value Proposition (EVP) with revised
HR policies, the introduction of Dual
Career Paths, new job titles and grade
bands, the launch of the Employee
Engagement Survey (ESS), improved
Performance Management processes
and a re-energised Ma’aden Academy,
among many others.

IMC

In line with Ma’aden’s commitment to
its EHSS goals, the IMC department
initiated an audit campaign for the new
EHSS MSHEM system, making this the
first site to be audited by a team from a
different affiliate.

Additionally, IMC has succeeded in
acquiring the environmental operating
permit for Madinah Magnesite plant from
NCEC for a 3-year period, marking the
5th consecutive year the Madinah plant
has been successfully operating without
any environmental violations.

11

Cybersecurity Certification Renewal

Ma’aden was granted
the ISO Certification
for Cybersecurity for
the second consecutive
year, supporting our
drive to optimize our
cybersecurity systems
and become more
efficient and proactive
against cybersecurity
threats.

This achievement is a testament to our ongoing commitment to fortify our cybersecurity
capabilities and ensure that Ma’aden is compliant with the highest international cybersecurity
standards.

Ma’aden Aluminium ISO Achievement

Ma’aden Aluminium (MA)
has recently been awarded
with the ISO 22301: 2019
Certification of Business
Continuity Management
System (BCMS). The
achievement was secured
by the strong commitment
of the Ma’aden Aluminium
team in ensuring that all
required and supporting
systems are in place.

The certification reaffirms the commitment of MA management and its employees to achieve
excellence in managing the organization’s continuity at any disruption to critical processes.



Promotions 13

Abdullah Al-Ajmi Saud Al-Utaibe
President of MPC to VP Mine & Refinery
Senior Advisor to the MBAC to President of
CEO MPC

Dhafer Abu Hetlah Mansour Al-Qahtani
VP Technical MPC to Senior Director, Operations
Advisor to the SVP, MPC to VP, Operations
Phosphate & IM SBU MPC

Abdulrhman Al Rashidi Ahmed Al-Harbi
Director Ammonia III Manager, Risk
Project to VP Mine & Management &
Refinery, MBAC Compliance to Director, JAL
Operations
Abdullah Al-Khathami
Manager, Phosphate Acid Naser Al-Abeedi
Plant to Director, Phosphate Director, Architecture
Operations MPC Analytics DS & SBU IT
Management (Acting)
confirmed in this role

14 Ma’aden Quarterly Newsletter Q4 Fahad Al-Marri
Director, Production &
Fahad Al-Enazi Planning to Director,
Head, Budgeting, Operations GAS(Operation
Planning & Performance - Smelter)
to Director, Budgeting,
Planning & Performance Waleed Eid
Manager (Power
Majedr Al-Qahtani Management) to Director
Director, Operations GAS (Power & Interfaces -
to Director, Projects, Smelter)
Design & Engineering
Mohammed Alsufyani
Dhafer Al Shahrani Manager (Mining
Director , Accounts Operational Readiness) to
Receivable – Corporate Acting Director (Operations
to Director, Accounts - East)
Receivable – Shared
Services Mining Mamduh Al-Ruwaili
Engineering) Financial Controller
to Director, Accounts
Abdulmonem Al-Ghamdi Payable(Operations - East)
Financial Controller
to Director, General
Ledger & Financial
StatementsServices
Mining Engineering)

15

Mohammed Al-Nabhani Motlaq Al-Harbi
Director, Supply Chain – Director, Contract Services
Procurement to Director, to Director, Operational
Strategic Sourcing Procurement & Inbound
Logistics
Mohammed Al-Shehri
Director, Material Naser Al-Abeedi
Management – Director, Architecture
Procurement to Director, Analysis DS & SBU IT
Materials Management Management to Director,
Architecture & Data
Faisal Al-Zayat Science
Manager, IT Project –
PMO to Director, Service Ahmed Al-Harbi
Management Manager, Risk
Management &
Waleed Al Harbi Compliance to Director, JAL
Director, Supply Chain Operations
Services (Acting) – Marketing
and Sales to Director, Supply Ignacio Garcia
Chain Services – Marketing Director Strategy, Planning
and Sales & Business Development
to Director Central
Engineering and Projects

16 Ma’aden Quarterly Newsletter Q4

New Joiners

We’re delighted to welcome the following new joiners to the Ma’aden family:

Ali Alqahtani Cesar Magalhaes

MGBM Manager, Water MGBM Director,
Pipeline Operations Operational Excellence

Rakan Al-Feryh Hilton Goldfinch
MGBM Director, MGBM Director, Mining
Accounting Engineering

Omar Halawani Turki Al-Rasheed
Manager, Corporate Affairs MDirector, PMO &
Planning Engineering

Saleh Al-Anazi Director, Anwar Alanazi
Talent Management Manager, Service
Excellence

17

Q3 Financial Results

Ma’aden has returned to profit, posting returns of SR3.1 billion ($826 million) in the first
nine months of the year. This is compared to a net loss of SR780 million in the same period in
2020, when the COVID-19 pandemic hit pushed our industry to the wall.

The strong recovery is due to higher average sales prices of all our products except gold, as well
as a higher share in net profit from our joint ventures.
2021 has been a successful year for Ma’aden and our strong financial performance has been
recognized by our shareholders and investors.

18 Ma’aden Quarterly Newsletter Q3

CONFERENCES

Events

Ma’aden has attended several conferences both locally and
internationally this quarter. Our participation in these events
has helped establish Ma’aden’s position as a key industry player
across all SBUs, contributing to the achievement of Ma’aden’s
2040 strategy.

The Future Investment Initiative, held in Riyadh, gave Ma’aden the opportunity to connect and
engage with global leaders and key decision-makers, as Strategic partner. Our CEO, SVP and many
other senior delegates attended the summit, gave several media interviews, and participated in
panel discussions deliberating key topics including ESG across the value chain and the new age
of investment for growth.

Furthermore, Ma’aden was a Diamond sponsor at the Fertiliser Association of India annual
seminar, cementing our position as a leader in the phosphate industry in India.

In addition to FII and IFA, Ma’aden has also sponsored the following leading industry events:

• Saudi International Conference for Industrial • Occupational Safety & Health Conference
Safety – Platinum sponsor – Platinum Sponsor

• GPCA Responsible Care – Strategic Industry • Fertilizer Club Kenya – Platinum Sponsor
Partner
• Career Fair conference
• IFA Strategic Forum – Diamond sponsor



20 Ma’aden Quarterly Newsletter Q4

Malawi Phosphate Terminal Launch

Headed by the Senior Vice President of the
phosphate business unit, Eng. Hassan Al-Ali,
a new milestone has been achieved for Saudi
Arabian Mining Company “Ma’aden” and its
African subsidiary Meridian Group in Malawi
through the opening of a world-class fertilizer
terminal in Liwonde.
The Liwonde Terminal is strategically located on
the rail line connecting the Republic of Malawi
to the deep-sea port of Nacala in the Republic
of Zambia, allowing for high access to Ma’aden’s
fertilizer products across central and southern
Africa.

21

First All-Women Visit to Al Amar Mine

For the first time, Ma’aden has taken an all-women team to the Al
Amar gold mine for a site visit. The group consisted of 18 women
from Ma’aden HQ and the Ministry of Industry and Mineral
Resources.

The visit lasted two days and showcased the mechanisms and processes in place at the mine,
giving the group a first-hand view into the ins and outs of the mine’s operations.
As part of the visit, the group was briefed on various safety and operational procedures and
taken to an underground factory where they witnessed the production of a gold doré bar.

22 Ma’aden Quarterly Newsletter Q4

Ma’aden in the News

Ma’aden opens fertilizer terminal in Malawi

Ma’aden and its African subsidiary Meridian Group have
opened a fertilizer terminal in Liwonde, Malawi. The
Liwonde Terminal is strategically located on the rail line
connecting the Republic of Malawi to the deep-sea port
of Nacala in the Republic of Zambia, allowing for high
access to Ma’aden’s fertilizer products across central
and southern Africa.

Saudi Arabia’s largest gold mine to begin
operations Q1 2022 - Ma’aden CEO

Saudi Arabia’s biggest gold mine will start producing in
the first quarter of 2022 as the Kingdom looks to ramp
up exploitation of its reserves and will be using renewable
energy for 13 percent of its energy requirements with a
plan to increase it.

Ma’aden pledges 60% emissions cut
by 2040

The Saudi Arabian Mining Co., or Ma’aden, will cut carbon
emissions by 60 percent by 2040 and reduce groundwa-
ter consumption by 65 percent, its chief executive said in
an interview with Al-Arabiya.

23

Saudi mining company Ma’aden turns
$826mln profit in first nine months of 2021

The Saudi Arabian Mining Company, or Ma’aden, has
returned to profit, posting returns of SR3.1 billion ($826
million) in the first nine months of the year.

Oil Giant Saudi Arabia Makes Big Plans for
the Next Era of Batteries

Saudi Arabia’s state miner swung to a second-quar-
ter profit boosted by a surge in commodity prices, and
its chief executive said the rally will likely continue into

Ma’aden expands its maritime transport
fleet with 4 new vessels

Saudi Arabian Mining Company (Ma’aden), Kingdom’s
national mining champion and one of the fastest-grow-
ing mining companies in the world, has signed agree-
ments with Thenamaris LNG Inc. and Exmar Marine NV
to hire a total of 4 vessels to transport Ammonia pro-
duced by Ma’aden.