Ma'aden gains $2bn for phosphate complex
Saudi's Public Investment Fund provides 17-year loan for mega-project
Ma'aden, the Saudi Arabian Mining Company, has announced that the country's Public Investment Fund has provided $2bn to fund the development of its Waad Al Shamal Phosphate complex in the north of the country.
The complex, which is being built under the responsibility of the Royal Commission for Jubail & Yanbu, is a joint venture between Ma'adaen, Saudi Basic Industries and the Mosaic Company.
Ma'aden said the $2bn will be in the form of a 17-year loan which will be paid in six-monthly instalments with a five-year grace period.
In February, some $90.6bn worth of deals were signed to develop different parts of the complex, including a $500mn deal for a sulphuric acid plant to be built by SNC Lavalin and Sinopec of China, and a $900mn-plus deal for a new phosphoric acid plant being built by Hanwha Engineering & Construction of South Korea.
Other deals signed included deals for an ammonia plant and a fertiliser facility.