Saudi phosphate project gets $5B financing deal

|By:, SA News Editor

Saudi Arabia's Ma'aden says it signed a $5B financing deal with commercial banks and a state-owned investment fund to back its $7.5B phosphate production project in the country.

The project is a joint venture between Ma'aden, Saudi Basic Industries Corp. and Mosaic (MOS), and is part of Saudi state efforts to create a stronger industrial base beyond oil refining and export.

The project will have a production capacity of 16M metric tons/year of phosphate concentrate, sulphuric acid, phosphoric acid, as well as plants to produce calcium monophosphate and calcium diphosphate; phosphate production expected to start in late 2016.