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Ma'aden, Sabic, Mosaic join forces for phosphates
- Saudi Arabia: Tuesday, March 19 - 2013 at 17:03
The Tadawul All-Share Index rebounded 0.26% to reach 7,076.04 points. Market bellwether Sabic, the world's first producer of petrochemicals, advanced 0.27% to hit SR93.75, while Saudi Arabian Mining Co. or Ma'aden jumped 2.42%, ending at SR33.80. Earlier in the day, Ma'aden said it has signed an agreement with Minnesota-based The Mosaic Company and Sabic to develop jointly a fully integrated, phosphate production facility in Saudi Arabia at King Abdullah Project for the development of Waad Al Shamal Mineral Industrial City. Ma'aden, Mosaic and Sabic will own 60%, 25% and 15% of the joint venture respectively. The estimated cost of the project is SR26bn. The two sites will be linked by the existing North-South Mineral Railway. Production at the new facilities is expected to commence in late 2016 with a total production capacity of approximately 16m tons per year.
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Gérard Al-Fil, Financial JournalistTuesday, March 19 - 2013 at 17:03 UAE local time (GMT+4)
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This article was updated on Wed Mar 20 2013.
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