Ma’aden, Mosaic, Sabic Plan $7 Billion Phosphate Venture
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Saudi Arabian Mining Co., Mosaic Co. and Saudi Basic Industries Corp. agreed to form a $7 billion joint venture to mine phosphate rock and process it into fertilizer.
Saudi Arabian Mining, also known as Ma’aden, will hold a 60 percent stake in the venture, Plymouth, Minnesota-based Mosaic said today in a statement. Mosaic, the world’s largest producer of phosphate fertilizers, will have a 25 percent interest and Sabic 15 percent.