Ma'aden awards $825m deal to Korean firm
Riyadh, July 9, 2013
Saudi Arabian Mining Co (Ma'aden) has awarded a $825 million contract to South Korea's Daelim Industrial Co to build an ammonia plant in the kingdom, Ma'aden said in a bourse filing on Tuesday.
The plant, expected to be completed in late-2016 and will have a capacity of 1.1 million tonnes, will form the first part of its multi-billion dollar Waad Al-Shimal phosphate project, with other processing plants under the scheme to be constructed, the statement said.
Financing for the entire complex, which is due to cost around 26 billion riyals ($6.93 billion), will be in place by the fourth quarter of this year, it added.
The development will be situated at Waad Al-Shimal City in the north of the country and have connected infrastructure at Ras Al Khair on the eastern coast of the kingdom, Khalid Al-Rowais, vice president of finance at Ma'aden, told a conference in Dubai in January.
The ammonia plant will be built at Ras Al Khair, Monday's statement said. - Reuters