Saudi Arabian Mining Co. — Capital/Financing Update 2013

Nov 25, 2013

SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES THE AWARD OF EPC CONTRACT TO CONSTRUCT FERTILISER PLANT

1211 · 25/11/2013 15:53:56 · Announcement #32515 · View on Saudi Exchange

SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES THE AWARD OF EPC CONTRACT TO CONSTRUCT FERTILISER PLANT

Saudi Arabian Mining Company (Maaden) Announces today Monday 22 Muharram 1435H corresponding to 25 November 2013G the award of EPC contract for building a fertilizer plant valued at SAR 2.25 billion (USD 599.9 million). The contract was awarded to Intecsa Industrial, the contract will be signed at a later date.

The fertilizer plant when completed will have the production capacity of 3 million tonnes per annum and will be built at Ras Al Khair as part of Maadens Waad Al Shamal Phosphate project.

The plant will produce di-ammonium phosphate (DAP), mono- ammonium phosphate and compound fertilizers and completion is expected in 4Q 2016.The contract which includes detailed engineering, procurement and construction is for the duration of 36 months, starting from the date of the award. The project partners, together with project financial adviser, are currently seeking finance for the project and expect to secure commitments from financial institutions in December 2013. It is expected that funding from these institutions will be available in 2014 and prior to that time the costs of implementing the project will be met from funds provided by the partners in proportion to their shareholding.

Maaden will announce further details in due course.

Saudi Arabian Mining Company (Maaden), The Mosaic Company and Saudi Basic Industries Corporation (SABIC) own 60%, 25% and 15% on the joint venture of Maadens Waad Al Shamal Phosphate project respectively.

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