Maaden expects to finalize Meridian acquisition in Q3 2019

Saudi Arabian Mining Company (Maaden) expects to close the planned acquisition of Meridian Fertilizer Group in Q3 2019, the company said in its earnings conference call.

The company posted an 18 percent rise year-on-year (YoY) in aluminum production to 239,000 tons in Q2 2019.

"The transaction to restructure our aluminum rolling business is proceeding as planned and will ensure the long-term sustainability of the business," Maaden added.

Ammonia production jumped 18 percent YoY to 600,000 tons in the same period.

The Ammonia-3 project is progressing within the approved schedule and budget, the Saudi mining firm noted.

Elsewhere, gold output dropped 17 percent on an annual basis to 85,000 ounces.

"The group remains liquid and well prepared to endure downturn in prices but continue with attractive growth projects," Maaden also said.