Saudi Arabian Mining Co. — Capital/Financing Update 2012

Dec 1, 2012

SAUDI ARABAIN MINING COMPANY ANNOUNCES THE SIGNING OF THREE CONTRACTS FOR THE DEVELOPMENT OF THE NORTH PROMISE INDUSRIAL MINERAL CITY.

1211 · 01/12/2012 16:36:45 · Announcement #27789 · View on Saudi Exchange

SAUDI ARABAIN MINING COMPANY ANNOUNCES THE SIGNING OF THREE CONTRACTS FOR THE DEVELOPMENT OF THE NORTH PROMISE INDUSRIAL MINERAL CITY.

Further to the Companys announcement on 28/03/1433 H corresponding to 20/02/2012G, Saudi Arabian Mining Company (Maaden) announces that it has signed on Saturday 1st of December 2012 (17/01/1434H) three contracts in the total estimated amount of SR 977.15 million (USD 260.57 million). These contracts lasting until the end of 2016 are awarded to oversee the implementation and development of Maaden phosphate industries, a part of the King Abdullah Project for the development of the North Promise Industrial Mineral City for mining industries.

Fluor Corporation was awarded the contract in the amount of SR 744.75 million (USD198.60 million) to provide project management consultancy (PMC) for the phosphate process plants at North Promise Industrial City.

At the same time, Bechtel Corporation was awarded a contract to provide the overall project management consultancy (PMC) in the amount of SR 77.66 million (USD 20.71 million). The second contract awarded to Bechtel in the amount of SR 154.72 million (USD 41.26 million) is to provide the front end engineering and design (FEED) and the engineering services on the essential infrastructure required for the industrial processing plants at North Promise Industrial City.

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