Ma’aden to award Saudi Arabia phosphate project contracts in Q4

25 April 2013 10:06  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabian Mining Co (Ma’aden) intends to award construction contracts on its proposed phosphate production facility in its home country in the fourth quarter, the company said late on Wednesday.

HSBC Bank was appointed as financial adviser for both the company and the project, Ma’aden said in a filing to the Saudi Stock Exchange.

The company will own 60% of the project, while Saudi petrochemical giant SABIC will have a 25% stake and the remaining 15% will go to The Mosaic Co, which is a US fertilizer firm. 

The three companies had signed a heads of agreement on the $7bn (€5bn) project in March.

($1 = €0.77)

By: Pearl Bantillo
+65 6780 4359

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