US Mosaic in Saudi fertilizer JV with Ma'aden, SABIC 

(MENAFN) US Mosaic Co chief executive, Jim Prokopanko, announced that the fertilizer firm plans to make an investment of up to USD1 billion in Saudi Arabia's phosphate industry, reported Arabian Business.

Prokopanko said that the amount will be invested in a USD7 billion joint venture between the Minnesota-based firm, Saudi mining and metals firm Ma'aden and Saudi Basic Industries Corp (SABIC).

He added that starting at the end of 2016, the Wa'ad Al Shammal phosphate project, which would produce finished product, such as phosphate, animal feed and other products, would have an annual output capacity of 3.5 million tons.

The US firm will help in designing, building and operating the project, in return for one quarter of the project's output.

It is worth noting that Ma'aden will own 60 percent of the project, whereas Mosaic and SABIC will own 25 percent and 15 percent, respectively.