Ma’aden Strengthens Ties with Indian Phosphate Market
Riyadh, Saudi Arabia – 30th September, 2011 - During a three day visit to India Ma’aden’s leadership and marketing team successfully strengthened the company’s direct channels with the international Di-ammonium Phosphate fertilizer (DAP) market including India.
Ma’aden’s Chairman, Engr. Abdullah Saif Al Saif and President and CEO. Engr Khalid Al Mudaifer along with Dr Sutanu Behuria, Secretary of the Indian Department of Fertilizers and other dignitaries attended a reception in New Delhi on Wednesday marking the departure of the first shipment of DAP sold directly by Ma’aden to the Indian market. The reception followed a series of meetings between Ma’aden’s marketing team and representatives of Indian fertilizer companies earlier in the day.
“This marks the beginning of a new and lasting strategic relationship between Ma’aden and India that will go from strength to strength.” said Engr. Al Saif
“We look forward to increasing food security in India through an expanding flow of high quality product from Ma’aden’s world scale phosphate resources and operations.” added Engr Mudaifer. “Our strategy is to become one of the largest phosphate producers in the world. That our neighbour India is the world’s largest importer of DAP is evidence of the strategic importance of India to Ma’aden. To have such great demand, located so close to Saudi Arabia’s abundant resources, shows why this relationship is so important.”
Ma’aden affiliate, Ma’aden Phosphate Company, a joint venture with SABIC, began initial production of DAP in June this year and will produce around 3 million tons per year when at full production. The operation includes a phosphate mine and beneficiation plant at Al Jalamid and a processing complex at Ras Al Khair.
The two sites are linked by the new 1,500 kilometre North South railroad and supported by extensive infrastructure including the new port from which the shipment sailed on Wednesday. Ma’aden has already announced that it is studying a new phosphate project which would add 1.5 million tons of P2O5 annually to the company’s output. “The relationship between India and Saudi Arabia is one built on strong foundations and a long history of trade and collaboration.” continued Engr. Mudaifer. “Ma’aden is committed to growing its business in India for the long term. We will concentrate on building productive and harmonious relationships between Ma’aden and Indian buyers over the coming years. Ma’aden currently markets 23% of the output from MPC but this will increase to 70% in due course.”
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.
For further information please contact:
Mr. Bander M. Al-Aida
Section Head, Media Relations
Section Head, Media Relations