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02-07-14

Saudi Ma'aden signs USD5m deal to refinance its phosphate project

(MENAFN) Saudi Arabian Mining Co (Ma'aden) has signed a USD5 billion deal with commercial banks and a state-owned investment fund to refinance its phosphate production project, according to Arabian Business. The project is a joint venture between Ma'aden, Saudi Basic Industries Corp, and Mosaic, and is part of a wider plan to develop the kindom"s industry beyond oil refining and export. A total of 16 local and international commercial banks, and three export credit agencies, as well as the Public Investment Fund (PIF) signed the financing agreement on June 30.