Saudi Ma’aden hires Korea’s Daelim to build SAR3.35bn ammonia plant

State-run Saudi Arabian Mining Company (Ma’aden) plans to build a third ammonia plant in at a cost of about SAR3.35bn Saudi riyals ($893m), according to a bourse statement on Monday.

Ma’aden said it signed a contract with South Korea’s Daelim Industrial and its Saudi unit for the engineering, procurement and construction of the plant in Ras al-Khair, on the kingdom’s Gulf coast. Works will take over 38 months, the statement said.

The ammonia plant is one among multiple plants Ma’aden plans to develop to for a third phosphate complex that is estimated to cost SAR24bn, Ma’aden added.