Riyadh – Mubasher: Maaden Waad Al Shamal Company, a subsidiary of Saudi Arabian Mining Company (Maaden), signed an SAR 2.1 billion ($560 million) agreement with the Saudi Industrial Development Fund (SIDF).
Maaden Waad Al Shamal will finance its projects through the agreement’s value, the company said to the Saudi Stock Exchange (Tadawul) on Monday.
This loan aims to finance the establishment of a phosphoric acid plant and a phosphate concentrate plant in Waad Al Shamal city.
The loan’s first tranche will be repaid in 24 semi-annual instalments starting from 15 Rabie Al-Akhar 1440 Hijri date for a twelve-year period.
The loan’s second tranche will be SAR 900 million to finance constructing an ammonia plant in Ras Al-Khair city, and it will be repaid in 20 semi-annual instalments starting from 15 Rabie Al-Akhar 1440 Hijri date for a ten-year period.
Maaden owns a 60% stake in the Waad Al Shamal phosphate project, The Mosaic Company owns 25% stake, and Saudi Basic Industries Corportation (SABIC) owns 15% stake.
