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FINANCIAL NEWS
Maaden invests USD16.79b in Saudi mining sector
23 Apr 2012
(MENAFN) Saudi Arabian Mining Company’s (Maaden) CEO, Khaled bin Saleh Al-Mudaifer, said that as part of the company’s plans to expand the country’s mining sector, so far, Maaden has made USD16.79 billion large-scale investments in the sector, reported Arab News.
Al-Mudaifer added that the firm will set up an institute of mining in the Northern Border Province, in order to support the King Abdullah Mining City in the province.
Moreover, the government would spend USD1.19 billion on establishing the infrastructure of the city, which covers an area of 440 sq. km, northeast of Turaif.
It is worth noting that preliminary investments at King Abdullah Mining City are expected to reach USD6.9 billion, including the establishment of a USD5.59 billion phosphate plant.
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