RIYADH: Saudi Arabian Mining Co., the largest multi-commodity mining and metals company in the Middle East, is set to raise the company’s capital by 50 percent to SR36.91 billion ($9.84 billion), according to a filing to Saudi Arabia’s stock exchange. The capital will be raised through a one-for-two bonus share distribution, and the capital top-up will be financed through capitalizing SR12.31 billion from retained earnings and statutory reserve. The number of shares after the increase is expected to hit 3.69 billion, up from 2.46 billion, the filing added. By raising the capital the company, also known as Ma"aden, is eyeing to strengthen its capital base, thus contributing to future growth plans. The filing comes a day after the company reported an 87 percent surge in its net profit for the year 2022, bringing in SR12.3 billion. In a press release, Ma’aden noted that the rise was driven by higher sales and elevated commodity prices, and the company’s earnings before interest, tax, depreciation and amortization increased 51 percent at the end of the reporting period. “Ma’aden delivered its safest and most profitable year ever. The transformation initiated a year ago is showing results. Financially, sales and profits grew by 50 percent and 87 percent respectively with working capital improvements contributing to record cash generation levels and the further strengthening of our balance sheet,” said Robert Wilt, CEO of Ma’aden. He added: “We are investing in the next generation of low-cost, long-life projects, improving exploration and project delivery capabilities, and putting health, safety, and the well-being of our people at the center of our plans for the future.” Wilt further pointed out that Ma’aden’s operations are focussed on sustainable growth and financial discipline supported by a capital allocation framework set to deliver long-term shareholder value. Saudi Arabia issues 69 new mining licenses in December As Saudi Arabia’s mining sector grows, the Kingdom’s Ministry of Industry and Mineral Resources issued 69 new licenses in December 2022, according to the latest figures. A report, released by the National Industrial and Mining Information Center, noted that the Ministry issued 46 building materials and quarry licenses, 12 for exploration, four surplus mineral ore licenses and an exploitation license. The number of valid mining licenses in the sector reached 2,272 by the end of December 2022, which includes 1,383 building material and quarry licenses, 635 exploration licenses, 178 exploitation licenses, 43 reconnaissance licenses and 33 surplus mineral ore licenses. The report further pointed out that the Riyadh region accounted for the largest number of valid mining licenses, at 511, followed by the Makkah region with 429, and the Eastern Province with 378. The Madinah region has 244 licenses, the Asser region has 189, and the Tabuk region has 141. Bids invited for licencing of five exploration sites in Saudi Arabia Saudi Arabia’s Ministry of Industry and Mineral Resources has invited bids from international and local mining groups for the pre-qualification stage of the licensing for five exploration sites in the Kingdom. The exploration sites included in the bid are the Muhaddad site, which spans across an area of 138.69 sq km in the Asir region, Ar Radainiyah site and Umm Hadid site which covers 75.86 sq km and 246.35 sq. km respectively in the Riyadh region, Bir Umq site which has an area of 187.37 sq. km in the Al Madinah region, and the 283.81 sq. km Jabal Sahabiyah site in Asir region. The licensing rounds for these five exploration sites are expected to be completed by the third quarter of 2022.