SABB grants Maaden affiliate SAR 750 mln revolving loan

02/04/2015 Argaam

Maaden Barrick Copper Company, an affiliate of Saudi Arabian Mining Company (Maaden), inked ​an agreement ​on Wednesday ​for ​a two-year revolving Murabaha facility with The Saudi British Bank (SABB) for the amount of SAR 750 million, the company said in a statement to Tadawul.

 
The loan will be secured by financial guarantees issued in favor of SABB by Maaden and Barrick Gold Corporation, and will be utilized to finance the remaining costs to complete the Jabal Sayid copper project and bring it into production. 
 
Maaden Barrick Copper Company is a joint venture, equally-owned by Maaden and Barrick Gold Corporation.

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