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22/12/2017 - 12:41hs

Saudi mining company phosphate output to go up

Ma'aden’s third phosphate project will go online in 2018. Once at full capacity, it should double production volume to 6 million tons per year.

São Paulo – Saudi Arabian mining company Ma’aden plans to launch its third phosphate manufacturing project next year, Gulf News quoted Reuters as reporting. The source is the Saudi minister of Energy, Industry and Mineral Resources Khalid Al-Fhalid, who also chairs the Ma’aden board.

Ma’aden is branching out in line with the government’s strategy to diversify the economy away from oil. The goal is to triple the mining industry’s share of GDP by 2030.

Last year saw the company announce its new phosphate plant in Northern Saudi industrial city Waad Al-Shamal, at a cost of USD 6.4 billion. The minister believes the venture will make the country one of the biggest producers in the world.

Once the new project is operating at full capacity, Saudi phosphate output should double to 6 million tons a year. Al-Fhalid said the company is also on track to expand its aluminum operations, and it should soon announce new plans in gold and copper.

Ma’aden reported on its website that it posted SAR 242.9 million (USD 64 million) in Q3 this year, down 25% from Q2 and up 126% from Q3 2016.

Net profit year-to-date through September 2017 was SAR 819.5 million (USD 218 million), up 73.2% from the comparable year-ago period.

*Translated by Gabriel Pomerancblum

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