Saudi Ma’aden Awards $825m Contract To South Korean Firm

Saudi Arabian Mining Co (Ma’aden) has awarded a $825 million contract to South Korea’s Daelim Industrial Co to build an ammonia plant in the Kingdom, Ma’aden said in a bourse filing on Tuesday.

The plant, expected to be completed in late-2016 and will have a capacity of 1.1 million tonnes, will form the first part of its multi-billion dollar Waad Al-Shimal phosphate project, with other processing plants under the scheme to be constructed, the statement said.

Financing for the entire complex, which is due to cost around SAR26 billion ($6.93 billion), will be in place by the fourth quarter of this year, it added.

The development will be situated at Waad Al-Shimal City in the north of the country and have connected infrastructure at Ras Al Khair on the eastern coast of the Kingdom, Khalid Al-Rowais, vice president of finance at Ma’aden, told a conference in Dubai in January.

The ammonia plant will be built at Ras Al Khair, Monday’s statement said.