Saudi Arabian Mining Co. (Maaden) said its subsidiary Maaden Waad Al Shamal Phosphate Co. (MWSPC) signed on Monday two financing agreements worth SAR 2.1 billion with the Saudi Industrial Development Fund (SIDF) to fund projects.
Under the first agreement, MWPSC will secure SAR 1.2 billion loan to set up phosphoric acid plant and phosphate concentrate plants, Maaden said in a bourse statement.
The 12-year facility will be repaid in 24 bi-annual installments, starting from December 22, 2018.
Another loan worth SAR 900 million will be used for establishing an ammonia plant in Ras Al-Khair.
It will be repaid in 20 bi-annual installments, starting also from December 22, 2018 over ten years.
The MWPSC’s shareholders will provide guarantees and pledge the new assets to SIDF, the statement added.
MWSPC is 60 percent owned by Maaden, 25 percent by US-based Mosaic Co. and 15 percent by Saudi Basic Industries Corp. (SABIC).
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