Saudi Arabian Mining Company (Ma'aden) said its gold and base metals unit had obtained a SR1.2 billion ($320 million) loan from the state-affiliated Saudi Industrial Development Fund to help develop the Ad Duwayhi mine.

The loan will be repaid in 14 installments spread across seven years and was financially guaranteed by Ma'aden, the company said in a statement on Sunday.

Ma'aden Gold & Base Metals Co operates five gold mines in Saudi Arabia, according to the company website.-Reuters