Issue 24/2016 - Saudi Mining Company builds new phosphate fertilizer project

Saudi Mining Company's new phosphate fertilizer project Saudi Arabian Mining Company (Maaden) is currently developing a third phosphate fertilizer project
with an estimated development cost of $6.
4 billion.

The company revealed that the project is located in Ras Al Khair and is expected to add 3 million tons of capacity
per year after 2024.

In addition, the company's Waad Al Shamal phosphate fertilizer project is about to start operation, and the project is expected to be completed
by the end of this year.
From next year, the equipment will start production in a staggered manner, and full production
is expected in 2019.

It is understood that the new project is jointly invested by Saudi Arabian Mining Company, Saudi Arabian Basic Industries Corporation and Legg Mason Company, and its main mine has a total of 3 million tons of diammonium, monoammonium and compound fertilizer production capacity
.
To date, approximately $7.
5 billion has been invested in the project.