Ma'aden signs short-term bridge loan for one of its affiliates
Riyadh, Saudi Arabia – 5th December, 2011 The Saudi Arabian Mining Company, Ma'aden announced that its affiliate Sahara & Ma'aden Petrochemicals Company (SAMAPCO), have signed today in Ma'aden's headquarters in Riyadh a one year short term bridge loan with SABB and Saudi Fransi Bank amounting to SR1,350m ($360m) with 50% each.
This short term loan will be repaid once SAMAPCO finalizes the project financing agreements which will be announced in due course.
The production capacity of the project would amount to 250,000 tonnes per annum of concentrated caustic soda and 300,000 tonnes per annum of ethylene dichloride. The project will create approximately 200 job opportunities which could increase according to the gradual expansion in the Company's projects.
Khalid Al Rowais, Ma'aden's Vice President for Finance said that the project will also contribute to the development of the aluminium project where caustic soda will be used to produce alumina in Ma'aden's alumina refinery in Ras Al Khair. He also extended his thanks to both banks SABB and Saudi Fransi Bank as well as the finance team.
The caustic soda and ethylene dichloride project is a 50:50% joint venture between Ma'aden and Sahara Petrochemicals Company. The project will be completed by the end of 2012.
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