Ma’aden, Mosaic sign second MOU
Ma’aden and The Mosaic Co. have announced a second memorandum of understanding (MOU). “With the nearing completion of construction of the Ma’aden Wa’ad Al Shammal Phosphate project, Ma’aden and The Mosaic Co. announced today the signing of a Memorandum of Understanding (MOU) to further highlight and commemorate the partnership between the two mining and fertilizer business leaders. The MOU contemplates several areas of potential collaboration in the phosphate business in the Kingdom of Saudi Arabia. Mosaic, Ma’aden and their partner Sabic have already invested about USD 8 billion in developing the project.
Separately, further to its previous announcement, Ma’aden is advancing a third project for the manufacture of phosphate fertilizers in the Kingdom. The project, which is anticipated to be implemented in phases starting production early in the next decade, envisions adding up to an additional 3 million mt/y of production capacity with a total investment estimated to be US$6.4 billion. The project is subject to the completion of definitive studies and obtaining necessary board approvals and consents. Estimated benefits from the project include a GDP contribution of about US$2.4 billion and total employment of 7,000, many of which would be high quality jobs.