Saudi Arabian Mining Co. (Maaden) said in a bourse statement today that its wholly-owned subsidiary, Maaden Gold & Base Metals Co. has signed a SAR 1.2 billion financing agreement with Saudi Industrial Development Fund (SIDF).
Under the agreement, Maaden will use the funds to develop Ad Duwayhi mine.
The loan, which has a tenor of seven years, will be paid in 14 semi-annual installments, as of July 9, 2017. It is also financially guaranteed by Maaden.
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