Behre Dolbear strikes deal in Saudi Arabia

In a departure from its usual practice of supplying geological consulting services to North America’s mining industry, Behre Dolbear has entered into a multi-million-dollar contract to provide financial services to a Saudi Arabian mining company.

Behre Dolbear will join the accounting firm Arthur Anderson to provide technical services aimed at rendering Saudi Arabian Mining (also known as Ma’Aden) more competitive in the world market.

Ma’Aden, formerly known as Petromin, operates two mines in Saudi Arabia — the Mahd Ad’ Dahab, which produces 160,000 oz. gold annually, and the Sukhaybara, a joint venture with Boliden, which cranks out 85,000 oz.

Ma’Aden also controls a portfolio of mineral properties around the Arabian Peninsula, including deposits of base metals, iron and precious metals.

(Ma’Aden is not to be confused with Saudi Arabian National Mining, which was awarded the Lega Dembi gold mine in Ethiopia in 1997.)

Plans call for increased efficiency at each of Ma’Aden’s mines. Behre Dolbear’s president, Bernard Guarnera, says the extent of this makeover includes updating technology and evaluating accounting practices.

Behre Dolbear has signed a 6-month work contract, though no financial figures were disclosed. Thirty of its staff will travel to Saudi Arabia in April.

“I am excited about the opportunity to assist Ma’Aden,” Guarnera says, adding that the contract is part of a plan to double the size of Behre Dolbear by 2002.