Saudi Arabian Mining Co. — Capital/Financing Update 2011

Dec 5, 2011

Saudi Arabian Mining Company (Maaden) announces the signing of a short-term bridge loan by one of its affiliates

1211 · 05/12/2011 15:47:24 · Announcement #23326 · View on Saudi Exchange

Saudi Arabian Mining Company (Maaden) announces the signing of a short-term bridge loan by one of its affiliates

Saudi Arabian Mining Company Maaden announces that its affiliate Sahara & Maaden Petrochemicals Company (SAMAPCO) has signed today 10/01/1433 H (Corresponding to 5/12/2011 G.) in Maadens headquarter in Riyadh a one-year short-term bridge loan. The loan totaling SR 1350 million (USD 360million ) was signed with SABB and Saudi Fransi Bank, 50 % each. This short-term bridge 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 tonne per year of concentrated caustic soda, and 300,000 tonne of ethylene dichloride. The project will create approximately 200 job opportunities which could increase according to the gradual expansion in the Company's projects. The caustic soda and ethylene dichloride project is a 50:50% joint venture between Ma'aden and Sahara Petrochemicals and will use UHDE German technique. The project will be completed by the end of 2012.

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