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Maaden Obtains Saudi Government Approval for Phosphate Project

Saudi Arabian Mining Co., the state-controlled company known as Maaden, obtained Saudi government approval to proceed with a 26 billion-riyal ($7 billion) phosphate project in the country’s north.

Maaden will build 10 plants with an annual production capacity for 16 million tons of basic and downstream substances, including sulphuric acid, phosphoric acid, monocalcium phosphate and dicalcium phosphate, the Riyadh-based company said in a statement to the Saudi bourse today.

The Ministry of Petroleum & Mineral Resources has allocated the fuel required for the project, the company said.

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