Jul 16, 2023
Saudi Arabian Mining Company (“Ma’aden” or the “Company”, 1211 on the Saudi Exchange) completes the largest debt prepayment in its history, totaling SAR 3 billion, carried out by Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC) ahead of schedule.
The early repayment, representing approximately 7% of Ma’aden’s consolidated debt, is a strategic move aimed at reducing finance costs and is part of the Company’s deleveraging strategy.
MWSPC (Ma’aden Wa’ad Al Shamal Phosphate Company) located north of Saudi Arabia, is one of the world’s largest phosphate production complexes, contributing to 50% of Ma’aden’s overall Phosphate production. Ma’aden’s phosphate business has seen significant growth over the years, leading to it becoming the world’s second largest exporter of phosphate fertilizer in just a decade.
This prepayment is in line with Ma’aden’s recently announced capital allocation framework, reinforcing the Company’s commitment to disciplined and sustainable capital management that supports its ambitious vision and growth plans.
As Ma’aden continues to enhance its debt profile, it reiterates its commitment to disciplined capital deployment, a cornerstone of its strategy for long-term sustainable growth.