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Wed 16 Mar 2016 05:15 PM

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Saudi's Ma'aden reshuffles executive team, reaffirms cost-cutting focus

Gulf's biggest mining firm swung into the red at the end of last year after being hit by slump in commodities

Saudi's Ma'aden reshuffles executive team, reaffirms cost-cutting focus
(Photo for illustrative purposes only)

Saudi Arabian Mining Co (Ma'aden), which swung into the red at the end of last year after being hit by the slump in commodities, announced a new finance director on Wednesday and other management changes.

The Gulf's biggest mining company said in a statement that Darren Davis would replace Khalid al-Rowais as chief financial officer. Davis is a board member and vice president of corporate finance, according to his LinkedIn page.

Chief Executive Officer Khalid al-Mudaifer reaffirmed in the statement that the company, which operates in gold, aluminium and phosphates, was committed to cost-cutting measures introduced over the last year.

"We will continue to focus on cost management and on maximizing cash generation through productivity improvements, optimising working capital and a disciplined approach to capital expenditures," Mudaifer said.

Rowais will become vice president of the company's phosphate business, which is central to the company's growth plans. He will replace Khalil al-Watban, who becomes vice president of strategy & development.

The statement did not elaborate on the status of the previous strategy vice president, Khaled Alohali.

Ma'aden has struggled to weather sustained low commodities prices, reporting falling profits in the first three quarters of 2015 and a net loss in the fourth quarter.

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