Saudi Arabian Mining Company said on Saturday it is in talks with banks to obtain an Islamic loan of up to SR7bn ($1.9bn).
“The company is in the process of consultation with a number of banks with the intention to obtain medium-term murabaha financing which will not exceed 7 billion riyals,” the company also known as Maaden said in a statement to the Saudi bourse.
“The purpose of this funding is to finance the company’s investments in future projects,” it added.
Last month, the company said it plans to invest SR26bn in its projects in Ras Al Khair and Waad Al Shamal, according to CEO Khalid Bin Saleh Al Mudaifer.
The company plans to invest SR21bn to develop facilities for phosphate and other related products in Waad Al Shamal, and SR5bn in Ras Al Khair.
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