U.K Secretary of State for Business and Trade visits Al-Khanagiyah mining project... and Al-Ajlan: “We will invest $3 billion in 2024.”

The Deputy CEO of Ajlan & Bros Holding Group, Mr. Ajlan bin Mohammed Al-Ajlan, met with the Secretary of state for Business and Trade of the United Kingdom, Kimi Badenoch, who is visiting the Kingdom of Saudi Arabia to participate in the International Mining Conference, where the British Minister, accompanied by her country’s ambassador to the Kingdom, visited Al-Khanagiyah mining project of Ajlan & Bros Mining Company, and reviewed the most prominent achievements and the ongoing and future plans for the project.

The group had won a mining license for Al-Khanagiyah mines in Saudi Arabia in partnership with the British company “Moxico”, at a value of 253 million riyals, which would contribute to the growth and strengthening of the mining sector in the Kingdom to achieve the goals of the Kingdom’s Vision 2030.

Ajlan bin Muhammad Al-Ajlan said that the project is based on three axes: investing in promising areas and discovering areas expected to be promising, and the third axis is the comprehensive exploration of the license.

Al-Ajlan has mentioned in many press statements that the first phase is divided into two phases, the first of which the investment is estimated at 1.3 billion riyals, which is equivalent to 1% to 5% of the total area of the license, so that the first phase aims to provide 100 million tons of reserves for zinc and copper. The group intends to establish two mineral processing plants, including zinc with a production capacity of 100,000 tons, sulfur copper with a production capacity of 10,000 tons, and manganese ore with a production capacity of 200,000 tons.

Al-Ajlan added that the investment in the second phase will be estimated at 5.6 billion riyals and includes expanding copper production to reach 40 thousand tons and establishing a plant for processing gold and silver metals. Its exploration is expected to be completed at the end of 2024.

On the other hand, Al-Ajlan has revealed that the group’s investments during previous years amounted to $20 billion, while the group intends to invest $3 billion during 2024 in several sectors, including mining and industry.