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07-08-13

Maaden, Mosaic, SABIC in a USD7b phosphate JV

(MENAFN) The Saudi Arabian Mining Company (Maaden) has inked a deal with Mosaic Company and the Saudi Basic Industries Corporation (SABIC) to jointly develop a USD6.9 billion fully integrated phosphate production facility in Saudi Arabia, Arab News reported. The project, in which Maaden will own 60 percent, while Mosaic will own 25 percent and SABIC will own have a 15 percent, is aimed to make Saudi Arabia the world's largest phosphate exporter. The new complex will act as the anchor project at Waad Al-Shammal and will deliver significant value to Maaden shareholders. As one of the largest integrated phosphate fertilizer facilities in the world, it will double Maaden's cost effective phosphate production and improve Ma'aden's access to key global markets. In addition, the projects will provide development of local communities in the Northern region, which is considered a key benefit, expecting to bring more than 1,500 direct job opportunities. The project, slated for completion in 2016, will have a total capacity of approximately 16 million tons per year. The facilities will produce, as finished product, approximately 3 million tons of fertilizer products, as well as approximately 440,000 tons of downstream products including purified phosphoric acid used in food industries, sodium tripolyphosphate used in detergent manufacturing, and Dicalcium Phosphate & Monocalcium Phosphate used in the manufacturing of animal feed.

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