Mosaic, Ma’aden, SABIC JV for phosphate facility in Saudi Arabia

Jim Prokopanko, President and Chief Executive Officer, Mosaic.

PLYMOUTH, US: The Mosaic Company has entered into a shareholders’ agreement with Saudi Arabian Mining Company (Ma’aden) and Saudi Basic Industries Corporation (SABIC) to participate in integrated phosphate production facilities in the Kingdom of Saudi Arabia. Ma’aden, Mosaic and SABIC will own 60, 25 and 15 per cent of the joint venture, respectively.

The cost of project with 3.5 million tonne annual capacity is estimated to be $7 billion. The phosphate project will be built in the northern region of Saudi Arabia at Wa’ad Al-Shammal Minerals Industrial City, and in Ras Al Khair Minerals Industrial City which is located on the east coast of Saudi Arabia. Operations are expected to commence in late 2016.

“We are pleased with the progress on our joint venture with Ma’aden and SABIC. This cost-effective project will allow Mosaic to extend our ability to serve key growing agricultural markets. Our growing global reach further enables us to fulfill Mosaic’s mission, to help the world grow the food it needs, while delivering compelling shareholder value,” said Jim Prokopanko, President and Chief Executive Officer, Mosaic.

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