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FINANCIAL NEWS
Saudi Maaden to set up USD5.6b phosphate project
22 Feb 2012
(MENAFN) Saudi Arabian Mining Co. (Maaden) unveiled plans to spend USD5.6 billion on a phosphate project in Umm Wual, north of the Saudi Arabia, expected to run buy the end of 2016, Reuters reported.
CEO Khalid Al-Mudaifer explained that the amount will cover the cost of extracting and treating the phosphate ore.
He added that the investment includes setting up seven new plants with a total production capacity of 16 million tons per year of phosphate concentrate, sulfuric acid, phosphoric acid, as well as plants to produce calcium monophosphate and calcium diphosphate.
Saudi Arabia’s Cabinet approved recently the establishment of a new industrial city in the country’s north Waad Al-Shimal City for Mining Industries in which the new project would be located.
Maaden said that Umm Wual project would add nearly 1.5 million tons annually of phosphorus oxide to its planned project capacity.
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