FINANCIAL NEWS

MA’ADEN’s subsidiary to get USD1b to fund major schemes

08 Jan 2016

(MENAFN) Ma’aden, the mega Saudi Arabian Mining Co., will see one of its units borrow a total of USD1.07 billion in major construction loans from a top state-backed agency, according to the latest reports.

The subsidiary is Waad Al Shamal Phosphate Company (MWSPC), and it will allocate USD239.4mn of the total loan to build an ammonia plant, while another fund with same sum will be assigned for a diammonium phosphate plant.

Additionally, the rest will fund constructing plants to manufacture sulphuric acid, phosphoric acid and phosphate concentrate in Waad Al Shamal, all in all these loans are extended throughout a total of eight years.

MA’ADEN is a diversified mining firm, active in gold base metals mining and infrastructure industry; it is the largest mining company in KSA, and the government owns 50pct of its shares while the rest are listed in Tadawul.

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