(MENAFN) Saudi Arabian Mining Co (Ma'aden) announced that it signed five engineering and procurement contracts (EPCs) to start the development of its Waad Al Shamal phosphate project, Saudi Gazette reported
The signed contracts for the project, to include a sulphuric acid plant and an ore beneficiation plant, are worth a combined USD3.7 billion
Also, a fertilizer plant and an ammonia plant will be constructed as part of the phosphate project
Ma'aden said: "Financing commitment letters have already been obtained and the financing agreements are expected to be signed in [second quarter] 2Q 2014. Prior to that time, the cost of implementing the project will be met from funds provided by the partners in proportion to their shareholdings.
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