The Saudi Arabian Mining Co. (Ma’aden) is about to become one of the world’s biggest five phosphate producers when completing its phosphate complex at King Abdullah Project for the Development of Waad Al Shamal.
According to a press release from the company, the project, which costs SAR 28 billion, is one of the biggest integrated projects for the production of phosphate fertilizers.
Ma’aden will use a portion of its rights issue proceeds in financing the project and its directions according to the market data and competitiveness.
The company had signed financing contracts with local and global banks at a total value of SAR 18.9 billion, to finance its projects at Waad Al Shamal and Ras Al Khair Industrial City.
Ma’aden plans to establish a factory for the production of ammonia and factories for the production of phosphate and compound fertilizers at Ras Al Khair Mineral Industrial City, Eastern Province .