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Regions :: Middle East :: Saudi Arabia

Ma'aden raises funds for $7.5-billion phosphate JV in Saudi Arabia

4:39 AM MDT | July 1, 2014 | Natasha Alperowicz

Saudi Arabian Mining Co. (Ma’aden) has announced that its Ma’aden Waad Al Shamal Phosphate Co. subsidiary on Monday signed financing agreements with the Public Investment Fund, commercial banks, and other financial institutions for 18.9 billion Saudi riyals ($5.0 billion) to develop and construct a previously announced phosphate project. The loans are for 16.5 years and will be repaid in semiannual installments starting from 31 December 2018. Ma’aden estimates the total cost of the project at $7.5 billion. The complex, owned by a joint venture...

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