Ma’aden’s affiliate, Ma’aden Barrick Copper Company has concluded a SAR 750 Million financing agreement with Saudi British Bank for its copper project in Jabal Sayid
Ma’aden Barrick Copper Company, an affiliate of Saudi Arabian Mining Company "Ma’aden" concluded an agreement with the Saudi British Bank "SABB" to finance its copper project in Jabal Sayid for the amount of SAR 750 Million.
Mr. Khalid Al-Rowais, SVP Finance & CFO of Ma’aden, said that this latest financing confirms Ma’aden’s continued ability to obtain competitive financing terms from the market to meet its ongoing need. Al-Rowais noted that this new Murabaha financing facility would be important in providing the remaining funding required to complete the Jabal Sayid project and to adding copper to Ma’aden’s existing portfolio of products which includes phosphate, aluminum and gold.
Ma’aden had announced in December last year the acquisition of the copper project in Jabal Sayid jointly with Barrick Gold Corporation of Canada following the formation of Ma’aden Barrick Copper Company. It is expected that the project, which is located 120 km south east of Madinah, will begin production in late 2015.
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