Saudi Arabian Mining Co. (Maaden) has used SAR 4.19 billion out of its SAR 5.6 billion in rights issue proceeds by the end of Q3-2016, as equity contribution to Maaden Waad Al Shamal Phosphate Co.
The remaining SAR 874.5 million will be utilized to finance the company’s equity investment in the phosphate project, Maaden said in a statement to Saudi bourse, Tadawul on Thursday.
The company added that construction of the plant facilities was ongoing. The phosphoric acid plant was 86 percent complete while the sulfuric acid plant and the diammonium phosphate plant were 88 and 71 percent complete.
Meanwhile, a total of SAR 509 million was spent to finance Maaden Bauxite and Alumina Co. In addition, SAR 7 million was used to fund the balance of its equity contribution to the project.
The bauxite and alumina plant started commercial operation early October, the statement added.
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