Maaden signs SAR 3.5B contracts for 3rd phosphate fertilizer project

Saudi Arabian Mining Co. (Maaden) headquarter

Saudi Arabian Mining Co. (Maaden) signed contracts worth SAR 3.5 billion for the development of its third phosphate fertilizer manufacturing project, according to a statement on Tadawul.

The contracts include a SAR 1.22 billion ($325 million) agreement for general construction works in Ras Al Khair with the branch of China National Chemical Engineering Co. Ltd. (CNCEC).

In Wa’ad Al Shamal, Maaden concluded a SAR 1.36 billion ($363 million) general construction contract covering SAP, PAP, and OSBL facilities with the branch of Sinopec Nanjing Engineering Co., Ltd. (SEG Nanjing). Additionally, a SAR 877 million ($234 million) general construction contract was signed with Tekfen Construction.

Maaden initially announced plans for its third phosphate fertilizer project in November 2016, with an estimated investment of SAR 24 billion. The phased development aims to achieve an annual production capacity of three million tons, according to Argaam's data.

For more news and details on the projects