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16-05-14

Saudi Maaden eyes USD1.48b issuance approval

(MENAFN) Saudi Arabian Mining Co. plans USD1.48 billion rights issue to help fund its expansion projects, according to Arab News. The company, also known as Maaden, will use the money to expand its phosphate and gold operations, and increase funding for its aluminum business. Maaden is working on an extensive expansion through its Waad Al-Shamal project, which worth USD9 billion, in the north of the Kingdom. The project includes a phosphate mine, several major processing facilities, smaller downstream factories and a residential area.