MA’ADEN SIGNS $5BN LOAN | Saudi Mining & Minerals 2018
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DOHA: Saudi Arabian Mining Co (Ma’aden) has signed a $5 billion financing deal with commercial banks and state-owned investment fund to back its $7.5 billion phosphate production project in the kingdom, it said in a statement.

The project in the northern city of Waad Al Shimal is joint venture between Ma’aden, Saudi Basic Industries Corp (Sabic) and Mosaic and is part of Saudi state efforts to create a stronger industrial base beyond oil refining and export. Phosphate is commonly used in fertilisers.

A total of 16 local and international commercial banks as well as three export credit agencies signed the financing agreement on June 30.  

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