Ma’aden secures $5bn loan for Waad al-Shimal project

July 2, 2014 2:23 am

Saudi Arabian Mining Co (Ma’aden) has said it has signed a $5bn financing deal with commercial banks and a state-owned investment fund to back its $7.5bn phosphate production project in the kingdom, Reuters has reported. The project in the northern city of Waad al-Shimal is a joint venture between Ma’aden, Saudi Basic Industries Corp (Sabic) and Mosaic, and is part of Saudi state efforts to create a stronger industrial base beyond oil refining and export. Ma’aden said previously that the scheme will have a production capacity of 16 million tonnes per year of phosphate concentrate, sulphuric acid, phosphoric acid, as well as plants to produce calcium monophosphate and calcium diphosphate, with phosphate production expected to start in late 2016.