Ivanhoe Electric is part of a growing number of international mining companies investing in Saudi Arabia.

The Sydney-based gold miner will dismiss 401 workers at its Modder East operations.

Junior producers have been particularly hard hit.

It produced 393,551 tonnes of the metal last year, an 18% increase from 2022, and it expects to churn out 440,000-490,000 tonnes this year.

Zimbabwe produced 30 metric tons of gold in 2023.

Set to be the world’s largest new iron ore mine, the project will add around 5% to global seaborne supply when it comes on line.

A series of disappointments for the mining industry comes against the backdrop of weak commodity prices — although gold has been an exception.