Saudi Arabia Mining Company, also known as Ma’aden, has total investments of SAR63bn (US$16.8bn), its CEO announced on Sunday.
Khaled Al-Mudaifer, the CEO of the state-controlled company, discussed Ma’aden’s projects and its efforts to develop the Kingdom’s mining sector through large-scale investment and transfer of advanced technology, Saudi-based Arab News reported.
“Ma’aden plays an important role in diversification of resources, creating jobs for young Saudis and development of remote areas,” Al-Mudaifer said during talks with Riyadh Governor Prince Sattam, adding that 63 percent of the company’s workers are Saudi.
Al-Mudaifer also unveiled his plan to set up a mining institute in the Northern Border Province, in a move to support the King Abdullah Mining City, which is set to receive SAR26bn (US$6.9bn) in preliminary investments, including the setting up of a SAR21bn (US$5.6bn) phosphate company, reported the newspaper.
On Saturday, Maaden said it is in talks with banks to obtain an Islamic loan of up to SAR7bn (US$1.9bn).
“The company is in the process of consultation with a number of banks with the intention to obtain medium-term murabaha financing which will not exceed SR7bn,” the company said in a statement to the Saudi bourse.
“The purpose of this funding is to finance the company’s investments in future projects,” it added.