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Mon 23 Dec 2013 07:26 PM

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Saudi's Ma'aden awards contracts worth $2.2bn

Canadian, Asian firms win deals for new phosphate mining and production project

Saudi's Ma'aden awards contracts worth $2.2bn
(Photo for illustrative purposes only)

Saudi Arabian Mining Company (Ma'aden) has awarded three contracts worth a combined SR8.46bn ($2.26 billion) to Canadian and Asian companies concerning its new phosphate mining and production project, it said on Monday.

The project in Waad al-Shimal City in the north of the country is a joint venture between Ma'aden, Saudi Basic Industries Corp and Mosaic.

Canada's SNC Lavalin and China's Sinopec Engineering Group have won a 2.86 billion-riyal deal to build a power plant and a sulphuric acid plant which has a production capacity of 4.9 million tonnes, Ma'aden said in a bourse filing.

South Korea's Hanwha Engineering & Construction Co won a contract to build a phosphoric acid plant worth SR3.5bn. The plant will have a production capacity of 1.5 million tonnes.

China Huanqiu Contracting & Engineering Corp Co won a contract to build an ore beneficiation plant worth SR2.08bn with a production capacity of 5.3 million tonnes.

The projects are due to be completed in 2016, Ma'aden said.

Ma'aden aims to close fundraising for its $7 billion phosphate project before the end of the year, a timetable reiterated in the statement.

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