Saudi Arabian Mining Co. (Ma'aden) has posted SR342.8m ($91.4m) in profit during Q4 2009, compared to SR121.1m a year earlier, Bloomberg has reported. Ma'aden attributed the surge to a rise in gold prices, as well as a SR300m fee it had received from Alcoa Inc. to join its SR40.5bn aluminium industrial complex in the kingdom, in which Ma'aden will own 60% of the project and the New York-based Alcoa the rest.
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