Riyadh - Mubasher: Saudi Arabian Mining Company (Ma’aden) is planning to begin operations in the third phosphate facility at Waad Al-Shamal in 2018, according to the company’s chairman and energy minister Khalid Al-Falih.
Ma’aden expansion is part of the kingdom’s efforts to diversify its economy in line with the Saudi Vision 2030 that will reduce depends on oil exports.
The facility has an estimated cost of around SAR 24 billion ($6.4 billion).
Phosphate III in Waad al-Shamal in northern Saudi Arabia will be kicked off in 2018, Al-Falih told Reuters on Wednesday.
“Ma’aden is ready to move forward with this. This will position Saudi Arabia to be one of largest phosphate fertiliser countries in the world,” the minister noted, adding that they “see 2018 as building a platform for many projects to come in subsequent years”.
“These brownfield projects tend to be more profitable than original greenfield projects. So these are moving forward,” he said, adding that
Ma’aden will announce other projects in gold and copper, the minister revealed.
