Maaden spends SAR 4.73 bln of rights issue proceeds by Q1

Saudi Arabian Mining Co. (Maaden) has used SAR 4.188 billion out of its SAR 5.6 billion in rights issue proceeds by the end of Q1-2017, as equity contribution to Maaden Waad Al Shamal Phosphate Co. 

The remaining SAR 871 million will be utilized to finance the company’s equity investment in the phosphate project, Maaden said in a statement to Saudi bourse, Tadawul on Thursday.  

The company added that construction of the plant facilities was ongoing. The extraction plant was 94.7 percent complete, the phosphoric acid plant and the sulfuric acid plant were was 95.1 percent and 97 percent complete respectively while the diammonium phosphate plant was 83 percent complete.

Ammonia plant started operations on January 1, 2017 compared to 14.6 percent in the prospectus.

Work progress in all other projects is ongoing according to the plan and they are expected to start operation in Q2-2017.

Meanwhile, a total of SAR 509 million was spent to finance Maaden Bauxite and Alumina Co. In addition, SAR 7 million was used to fund the balance of its equity contribution to the project.
 
The bauxite and alumina plant started commercial operation last October, the statement added.