Maaden Announces Contract Details for SAR 3.5 Billion Phosphate Fertilizer Project

The Saudi Arabian Mining Company (“Maaden”) announced on Sunday that contracts signed last Thursday for the development of its third phosphate fertilizer manufacturing project, valued at approximately SAR 3.5 billion, involve no related parties. The company clarified that the financial impact of these contracts has not yet been determined and will be disclosed as soon as it becomes available.

In a statement published on Tadawul, Maaden provided the following details regarding the contracts:

1. Ras Al-Khair Construction Works:

   • Contractor: Branch of the China National Chemical Engineering Corporation.
   • Contract Value: Approximately $325 million (SAR 1.22 billion).
   • Duration: 22 months.

2. Waad Al-Shamal (SAP, PAP & OSBL) Construction Works:

   • Contractor: Branch of Sinopec Nanjing Engineering & Construction Co., Ltd.
   • Contract Value: Approximately $363 million (SAR 1.361 billion).
   • Duration: 18 months.

3. General Construction in Waad Al-Shamal:

   • Contractor: Tekfen Construction and Installation Company Limited.
   • Contract Value: Approximately $234 million (SAR 877 million).
   • Duration: 18 months.