Jan 21, 2009
LONDON, 21st January 2009: Ma'aden Phosphate Company (MPC), the joint venture between the Saudi Arabian mining company (Ma'aden) and Saudi Basic Industries Corporation (SABIC), has won Project Finance International’s Middle East Industrial Deal of the Year for 2008. The prestigious award is given annually by Project Finance International, a Thomas Reuters company, the leading source of global project finance intelligence.
Attending the award ceremony in London, Khalid Ali Al-Sudairi, Treasurer of Ma'aden, commented, “We are thrilled that the international project finance community has chosen to honour Ma'aden Phosphate Company with this esteemed award. The deal represents a major step in Ma'aden’s goal of becoming a prominent pillar of the Kingdom’s Economy”
“The fact that the complexity and innovation of the Ma'aden Phosphate Company financing has been recognized on a global level is a testament to the hard work, commitment, and passion that continues for the project.”
Project Finance International made conspicuous mention of the completion support mechanism in extending the award. While many similar project finance transactions involve a full completion guarantee, Ma'aden Phosphate Company’s completion support is limited in both amount and time, a relatively unique aspect in the financing industrial projects of Ma'aden Phosphate Company’s nature.
Ma'aden Phosphate Company, developed in a joint venture with SABIC, aims to be a world scale fully integrated phosphoric fertilizer producer that will exploit a robust phosphate deposit located at Al Jalamid in the north of the Kingdom and utilise local natural gas and sulphur resources to manufacture diammonium phosphate (DAP). Its work involves the development, design, construction and subsequent operation of two primary sites. The first is the Al Jalamid mine site in the north of the Kingdom which will comprise a phosphate mine and a beneficiation plant. The second is the Ras Az Zawr site on the eastern coast of the Arabian Gulf approximately 90km north of Jubail with a fertiliser production facility comprising DAP, ammonia, sulphuric acid and phosphoric acid processing plants; with each site supported by appropriate industrial and social infrastructure.
It is estimated that Ma'aden Phosphate Company will produce approximately 2.92 million tonnes per year (Mtpy) of granular DAP, plus approximately 0.44 Mtpy of excess ammonia for export to world markets. It is also anticipated that the Phosphate Project will generate approximately 0.16 Mtpy of excess phosphoric acid for sales to the domestic market.
About Ma’aden
Ma'aden was established as a Saudi Arabian joint stock company in March 1997 to facilitate the development of Saudi Arabia’s non-petroleum mineral resources and to diversify the Kingdom’s economy away from the petroleum and petrochemical sectors. Ma’aden is engaged in the development, advancement and improvement of all aspects of the mineral industry, mineral products and by-products and related industries in Saudi Arabia. In July 2008 Ma’aden offered 50% of the company’s shares for subscription in a successful SR 9.25 billion IPO. Ma’aden has progressed towards realizing its vision of building a world class mineral enterprise and its mission of being a profitable, publicly owned, international mining company, while maintaining the utmost concern for human resources, health and safety, environmental and social issues.
Ma'aden is engaged in the development, advancement and improvement of all aspects of the mineral industry, mineral products and by-products and related industries in Saudi Arabia. The company is committed to the best international and local standards in environmental regulations and values its role in Corporate Social Responsibility.
Ma'aden has progressed towards realizing its vision of building a world class mineral enterprise and its mission of being a profitable, publicly owned, international mining company, while maintaining the utmost concern for human resources, health, safety, environmental and social issues.
Maaden
Aqeel Alonazi
Ma'aden Corporate Communications Department
T: +966 (0) 874-8045
E: alonaziam@maaden.com.sa