Maaden Barrick Copper Company, an affiliate of Saudi Arabian Mining Company 'Maaden' has concluded an agreement amounting to SR 750 million with the Saudi British Bank 'SABB' to finance its copper project in Jabal Sayid.
Senior Vice President for Finance and Chief Executive Officer of Maaden Khalid Al-Rowais said in a press release today that this latest financing confirms Maaden's continued ability to obtain competitive financing terms from the market to meet its ongoing need, noting that this new Murabaha financing facility would be important in providing the remaining funding required to complete the Jabal Sayid project and adding copper to Maaden's existing portfolio of products which includes phosphate, aluminum and gold.
Maaden announced in December last year the acquisition of the copper project in Jabal Sayid jointly with Barrick Gold Corporation of Canada following the formation of Maaden Barrick Copper Company. It is expected that the project, which is located 120 km south east of Madinah, will begin production in late 2015.