Maaden says it will continue to restructure debts

Saudi Arabian Mining Co. (Maaden) will continue to restructure its debt in a bid to balance its capital structure and improve solvency, the company said in a conference call regarding its FY 2017 earnings.

The Tadawul-listed company plans to pay off $588 million in debt in 2018. It added that 60 percent of its long-term loans are from commercial banks, while 33 percent are from the Public Investment Fund, and 7 percent are from the Saudi Industrial Development Fund.

The company in 2017 “succeeded” in restructuring debt for Maaden Aluminum with better terms, including lower interest margins, it said.

Maaden conducted an earnings conference call on Thursday for investors, in which it reiterated intent to lower its high leverage levels and pursue new business opportunities.

The Saudi-based miner has operations that include the extraction of gold, industrial metals, and phosphate.

Last week, it reported a consolidated net income of SAR 714.8 million for fiscal year 2017, versus a net loss of SAR 10.7 million a year earlier.