If you'd like to get contact with us, please send an email to info@maaden.com.sa or you can contact one of our offices below:

SAUDI ARABIAN MINING COMPANY

Head Office - Riyadh
P.O. BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8000
Fax: +966 (0) 11 874 8300
info@maaden.com.sa
Procurement - Riyadh
P.O. BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8096
Fax: +966 (0) 11 874 84444
srm@maaden.com.sa
Public & Media Affairs - Riyadh
P.O. Box 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8409
Fax: +966 (0) 11 874 8057
media@maaden.com.sa
Jeddah
P.O. Box 13784 Jeddah 21414
Kingdom of Saudi Arabia
Tel: +966 (0) 12 229 2600
Fax: +966 (0) 12 229 2651
Al Khobar
P.O. Box 32001 Al Khobar 31952
Kingdom of Saudi Arabia
Tel: +966 (0) 13 811 1970
Fax: +966 (0) 13 811 1964
Jubail
P.O. BOX 11110 Jubail 31961
Kingdom of Saudi Arabia
Tel: +966 (0) 13 347 3333
Fax: +966 (0) 13 347 5682
Investor Relation - Riyadh
P.O BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8123
Fax: +966 (0) 11 874 8132
invest@maaden.com.sa

STRATEGIC BUSINESS UNITS - SBU

Aluminium - Riyadh
P.O. BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Fax: +966 (0) 11 874 8187
aluminiumsales@maaden.com.sa
Phosphate - Riyadh
P.O. BOX 68861 Riyadh 11537
Kingdom of Saudi Arabia
Tel: +966 (0) 11 874 8329
mktg-online@maaden.com.sa
Gold - Jeddah
P.O BOX 13784 Riyadh 21414
Kingdom of Saudi Arabia
Tel: +966 (0) 12 229 2600
Fax: +966 (0) 12 229 2651
About Image

SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES DEVELOPMENTS REGARDING THE USE OF PROCEEDS FROM ITS RIGHTS ISSUE SHARES SUBSCRIPTION

Jan 29, 2017

Saudi Arabian Mining Company (Maaden) announces the developments of the use of proceeds from its rights issue shares subscription, which was held during the period 18-11-2014 to 02-12-2014, where the received gross proceeds amounted to SAR 5.6 billion. As at 31/12/2016G, the used proceeds were SAR 4,729 million and the remaining proceeds were SAR 871 million.

The expenses details and projects progress percentages compared with what was declared in the rights issue prospectus are as follows:

1. Offering Expenses:

Offering expenses were SAR 23.9 million as compared to SAR 21 million stated in the rights issue prospectus. The reason for the increase in offering expenses was the increase in advisory fees from those estimated.

2. Maaden Waad Al-Shamal Phosphate Company:

As of 31/12/2016 the Company used SAR 4,188 million from the proceeds as an equity contribution to Maaden Waad Al Shamal Phosphate Company. The remaining amount of SAR 871 million will be used to finance the Companys equity investment in the project. The total amount to be used from the offering proceeds to fund the Maaden equity investment in Maaden Waad Al Shamal Phosphate Company as per the prospectus will be SAR 5.06 billion.

Construction progress reached the following levels as of 31/12/2016G:

  • Completed 90.4% of the Beneficiation Plant compared to 9.2% as at 30/8/2014G, as stated in the prospectus.
  • Completed 95.7% of the Sulphuric Acid Plant compared to 25.7% as at 30/8/2014G, as stated in the prospectus.
  • Completed 90.9% of the Phosphoric Acid Plant compared to 12.6% as at 30/8/2014G, as stated in the prospectus.
  • Completed 78.2% of the Diammonium Phosphate (DAP) Plant compared to 8.0% as at 30/8/2014G, as stated in the prospectus.
  • As announced on 01/01/2017G the Ammonia Plant is now in the commercial production stage, compared to 14.6% as at 30/8/2014G, as stated in the prospectus. It is presently expected that construction will be predominantly completed and trial operations will begin on the other facilities of Maaden Waad Al Shamal Phosphate Company during the first half of 2017.

3. Maaden Bauxite and Alumina company:

As stated in the prospectus, the Company used SAR 509 million of the proceeds from the offering as at 31/03/2015G, to repay amounts then outstanding under its redrawable murabaha finance facility which had been temporarily used to fund costs incurred by Maaden Bauxite and Alumina Company and SAR 7 million to fund the balance of its equity contribution to the project.

As of 02/10/2016G Maaden announced commercial operations for Maaden Bauxite and Alumina Company project, compared to 94.69% completion as of 29/08/2014G as mentioned in the prospectus.

Any other material developments will be announced in due course.

For further information please contact:

Mr. Bander M. Al-Aida
Section Head, Media Relations

E: media@maaden.com.sa

MEDIA CONTACTS

Mr. Bander M. Al-Aida

Section Head, Media Relations

media@maaden.com.sa

Annual Report 2014

Annual Report
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