Maaden seeks $3 bln to refinance debt

08/09/2015 Argaam

Saudi Arabian Mining Co (Maaden) is in talks with banks to borrow $3 billion to refinance debt related to a phosphate joint venture, the company said in a statement to Tadawul on Tuesday.

 

The Gulf's largest miner operates Maaden Phosphate Company (MPC), which produces ammonia and the fertilizer diammonium phosphate (DAP), in a 70/30 partnership with petrochemicals company Saudi Basic Industries Corp (SABIC).

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