{"id":93495,"date":"2025-01-19T00:00:00","date_gmt":"2025-01-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/19\/maaden-awards-usd-922-mn-in-contracts-for-fertilizers-megaproject\/"},"modified":"2025-01-19T00:00:00","modified_gmt":"2025-01-19T00:00:00","slug":"maaden-awards-usd-922-mn-in-contracts-for-fertilizers-megaproject","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/19\/maaden-awards-usd-922-mn-in-contracts-for-fertilizers-megaproject\/","title":{"rendered":"Ma\u2019aden awards USD 922 mn in contracts for fertilizers megaproject"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi Arabian Mining (Ma'aden) signed three construction agreements <\/strong><strong>worth over USD 922 mn<\/strong> for its third phosphate fertilizers project in Wa\u2019ad Al Shamal and Ras Al Khair, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=84772&anCat=1&cs=1211&locale=en\" style=\"\" rel=\"noopener\">disclosure<\/a> to Tadawul.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agreements include:<\/strong><\/p>\n<ul>\n<li><strong>A USD 363 mn (SAR 1.4 bn) contract with China based <\/strong><strong><a target=\"_blank\" href=\"http:\/\/www.segroup.cn\/segroup\/en\/about_us\/fzgs\/snei.shtml\" style=\"\" rel=\"noopener\">Sinopec Nanjing Engineering & Construction<\/a><\/strong> for acid production units and related infrastructure at Wa\u2019ad Al Shamal;<\/li>\n<li><strong>A USD 234 mn (SAR 877 mn) agreement with Turkey\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.tekfeninsaat.com.tr\/\" style=\"\" rel=\"noopener\">Tekfen Construction<\/a><\/strong> for construction of a beneficiation plant at Wa\u2019ad Al Shamal;<\/li>\n<li><strong>A USD 325 mn (SAR 1.2 bn) contract with the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cncec.com.cn\/index\/sy\" style=\"\" rel=\"noopener\">China National Chemical Engineering Company<\/a><\/strong> for general construction works at the Ras Al Khair facility.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the project: <\/strong>Ma'aden announced its third project for manufacturing phosphate fertilizers <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=44678&anCat=1&cs=1211&locale=en\" style=\"\" rel=\"noopener\">back in 2016<\/a>, estimating the project\u2019s total cost at SAR 24 bn. The complex is <a target=\"_blank\" href=\"https:\/\/www.maaden.com.sa\/en\/news\/details\/573\" style=\"\" rel=\"noopener\">set to increase<\/a> the company\u2019s annual production capacity by 50% to 9 mn tonnes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e8dd61d3-d711-48fb-b572-06c2a8d91e97\" style=\"\" rel=\"noopener\">In December<\/a>, the PIF-backed company acquired Mosaic Phosphates BV\u2019s full 25% stake in the Ma\u2019aden Wa\u2019ad Al Shamal Phosphate Company joint venture, raising Ma\u2019aden\u2019s ownership in the JV to 85%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ALSO FROM MA\u2019ADEN-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ma'aden is mulling an international bond issuance to fund a USD 12 bn investment <\/strong><strong>program <\/strong>set to run until 2030, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-16\/saudi-arabia-s-biggest-miner-maaden-considers-bond-sale-to-fund-expansion\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports citing an interview with CEO Bob Wilt. \u201cWe are going to spend on average USD 2.5 bn a year over the next five years in growing our phosphates business, our aluminum business, and our gold and base metals business,\u201d Wilt said. No details were provided on the potential size or timeline of the issuance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where we stand: <\/strong>The company is already in discussions with banks, and will decide on the financing later this year, the newswire reports.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ma'aden announced its third phosphate fertilizers project back in 2016<\/p>\n","protected":false},"author":1,"featured_media":93496,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2716],"tags":[10,102,392,50],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-enterpriseam-ksa","tag-maaden","tag-manufacturing","tag-mining","wpautop","entry"],"acf":{"mongo_id":"6123857f-ff0b-4c23-beea-cc27f0a4aa10","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1058.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ma\u2019aden awards USD 922 mn in contracts for fertilizers megaproject","related_issue":[93485],"teaser":"Ma'aden announced its third phosphate fertilizers project back in 2016","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.1515edbc-a317-43e4-955b-f6f51585821b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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