Saudi Arabian Mining Co. — Capital/Financing Update 2012

Feb 20, 2012

Saudi Arabian Mining Company (Maaden) announces That it obtained the relevant approvals to move forward to create a mining industries project in North Promise Industrial Mineral City in northern province (Continuous)

1211 · 20/02/2012 17:17:11 · Announcement #24210 · View on Saudi Exchange

Saudi Arabian Mining Company (Maaden) announces That it obtained the relevant approvals to move forward to create a mining industries project in North Promise Industrial Mineral City in northern province (Continuous)

The Council of Ministers in its meeting on Monday 28/03/1433 AH corresponding to 20/02/2012 adopted the following relevant resolutions:

First

To establish an industrial city by the name of North Promise Industrial Mineral City for Mining Industries in the Northern Boarder province of Saudi Arabia, including necessary infrastructure required for the industry as well as social facilities to make it attractive to downstream industries investments and allocate necessary funds.

Second

Allocation of an area of (290 km2) two hundred and ninety square kilometers to build the City mentioned above in Item 1, also allocation of an area of (150 km2) one hundred fifty square kilometers for Ma?aden phosphate project and other related projects at Umm Wa?al area.

Third

Public Investment Fund and the Saudi Railway (SAR) to construct a railway line to link North Promise Industrial Mineral City with North-South Railway and provide it with appropriate wagons for the freight of phosphoric acid, sulfur and other products to and from the city and also a railway station for passengers in the city.

Fourth

Allocation of funds to the Saudi Electricity Company to connect the city with the High Voltage power grid, including the transfer stations.

Fifth

Authorizing the Saudi Port Authority to establish three berths at Ras Al Khair Industrial Port to serve the project.

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