SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES THAT ITS SUBSIDIARY (MAADEN WAAD AL SHAMAL PHOSPHATE COMPANY) HAS SIGNED FINANCING AGREEMENT WITH THE SAUDI INDUSTRIAL DEVELOPMENT FUND (SIDF)
Further to the company announcement on Tadawul on 27/03/1437H (corresponding to 07/01/2016), Saudi Arabian Mining Company (Maaden) announces that its subsidiary (Maaden Waad Al Shamal Phosphate Company) has signed today, Monday 08/11/1438H (corresponding to 31/07/2017G) two financing agreements with the Saudi Industrial Development Fund (SIDF) to fund the remaining of MWSPC project financing plan. The two financing agreements are for a total amount of SAR 2.1 billion (USD 560 million), as detailed below:
First, Loan facility of SAR 1,200 million to finance the construction of MWSPCs phosphoric acid plant and phosphate concentrate plant in the city of Waad Al Shamal and which will be repaid in 24 semi-annual installments starting on 15/4/1440H for a period of twelve years.
Second, loan facility of SAR 900 million to finance construction of MWSPCs ammonia plant in Ras Al-Khair (RAK) and which will be repaid in 20 semi-annual installments starting on 15/4/1440H for a period of ten years.
Assets mortgage and shareholders guarantee will be provided to SIDF.
Saudi Arabian Mining Company (Maaden), The Mosaic Company and Saudi Basic Industries Corporation (SABIC) own 60%, 25% and 15%, respectively, of the joint venture developing the Waad Al Shamal Phosphate project.
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