Ma’aden gets $2 billion financing for SABIC phosphate joint venture
The Tadawul All Share Index advanced by 0.22 per cent to 9,558.46 points on Thursday, April 3, SABIC fell by 0.21 per cent to SAR118. Saudi Arabian Mining Company (Ma’aden) fell by 0.54 per cent to SAR36.5. Today, Ma’aden announced further to its announcement on December 25, 2013, that the Public Investment Fund has approved $2 billion to fund part of Ma’aden’s Waad Al Shamal Phosphate Company. The company is a joint venture with SABIC and The Mosaic Company. The loan will be for a period of 17 years and will be repaid in half-yearly instalments with a five-year grace period.