Saudi mining firm plans $7bn phosphate plant

Saudi Arabian Mining Company (Maaden) is looking to raise US$7bn to fund a phosphate project with a production capacity of 16m tonnes per year.

The cash will go towards the Umm Wual development at Waad Al-Shimmal City in the north of the country, which is being developed by Maaden and US firm Fluor Corp and Bechtel, following a SAR977m (US$260.5m) deal which was struck in December.

Connected infrastructure at Ras Al Khair will also be improved using some of the finances.

The amount of money to be raised from the market has yet to be finalized, said Khalid Al-Rowais, vice president of finance at Maaden, but government funds, international and local banks, and export credit agencies would be involved. Issuing an Islamic bond is also a possibility.

http://www.arabianbusiness.com/saudi-mining-firm-plans-7bn-phosphate-plant-487806.html