Saudi Arabian Mining Co. (Ma’aden) reported its production of DAP in the first quarter ended March 31, 2023, amounted to 1.53 million mt, a 34% increase on the same year-earlier output of 1.14 million mt. DAP sales volumes in the quarter were up 39% to 1.477 million mt, versus the year-earlier 1.06 million mt.
First-quarter ammonia production grew by 9% to 744,000 mt from 711,000 mt, and ammonia sales volumes increased 28% to 449,000 mt from the year-ago 351,000 mt.
Ma’aden reported its financial results for the first quarter on May 22, posting an 81% plunge in net profit to SAR0.42 billion, despite the higher sales volumes (GM May 26, p. 25).
Meanwhile, the company’s Phosphate 3 project “is accelerating towards a final investment decision later this year,” Ma’aden CEO Robert Wilt told participants at a company earnings call on May 30.
Ma’aden is developing its ambitious Phosphate 3 project in two phases, the first of which will see the installation of an additional 1.5 million mt/y of phosphate fertilizer production capacity by 2025, according to the company’s first-quarter earnings presentation.
The first plant in the project, a 1.1 million mt/y capacity ammonia plant – the so-called “Ammonia-3” facility – located at Ras Al-Khair Industrial City facility, started “official” commercial production last August (GM Nov. 4, 2022), although the first shipments from the new plant were made in June (GM June 10, 2022).
For the time being, the ammonia output is being used to cover existing sales contracts and merchant sales.