Saudi Arabian Mining Co. (Maaden ) has invested SAR 2.93 billion out of the total SAR 5.6 billion in proceeds generated from its rights issue last year on an equity contribution to Maaden Waad Al-Shamal Phosphate Co. (MWSPC).

The company said in a statement to Tadawul that the remaining SAR 2.67 billion would be used to complete the financing of its equity investment in the project.

Maaden also revealed that it now estimates the cost of the MWSPC project at SAR 29.9 billion, SAR 1.9 billion more than the projection included in the prospectus.

The increase was attributed to higher contracting prices.

Additional costs associated with the project are expected to be 70 percent funded by existing lenders, while shareholders in MWSPC will contribute 30 percent.

Maaden’s share of the extra cost was said to amount to SAR 342 million, which would be funded from the firm’s internal resources.

MWSPC is a joint venture formed by Ma’aden, which owns 60 percent of the company. The Mosaic Company holds a 25 percent stake, while SABIC holds a 15 percent stake.