Riyadh - Mubasher: Saudi Arabian Mining Company (Maaden) has announced the commencement of initial production at its subsidiary Maaden Waad Al Shamal Phosphate Company (MWSPC) on Saturday.
During initial production, MWSPC will gradually ramp-up until it reaches the 3 million tonnes production capacity.
According to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday, the impact on earnings will be recognized following the declaration of commercial production.
Maaden, Mosaic Company, and Saudi Basic Industries Corporation (SABIC) own 60%, 25%, and 15%, respectively, of the joint venture developing the Waad Al Shamal Phosphate project, the statement noted.
