Maaden issues updates on 3rd phosphate fertilizer project

Saudi Arabian Mining Co. (Maaden) headquarter

Saudi Arabian Mining Co. (Maaden) clarified that it is moving forward with its third phosphate fertilizer project and has signed contracts worth SAR 3.5 billion on Jan. 16.

For more news and details on the projects

The company said on Tadawul that none of the contracts involve related parties, noting that the financial impact of these contracts is currently uncertain and will be disclosed in due course.

The contracts include a 22-month contract worth SAR 1.22 billion ($325 million) for general construction works in Ras Al Khair with a branch of China National Chemical Engineering Co. (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 a branch of Sinopec Nanjing Engineering Co., Ltd. (SEG Nanjing). The contract has a duration of 18 months.

Additionally, a SAR 877 million ($234 million) general construction contract was signed with Tekfen Construction. The contract will last for 18 months.