Maaden seeks to boost presence in UK commodity market, says CEO

Saudi Arabian Mining Company (Maaden) is seeking to strengthen its presence in the UK commodity market in addition to other global acquisitions, Al Arabiya TV reported, citing acting chief executive officer (CEO) Darren Davis.

 "We would like to grow in base metals and expand the Saudi mining business portfolio,”

Davis said on the sidelines of the Future Investment Initiative (FII) 2018 held in Riyadh.

Maaden always thoroughly studies investment opportunities, he noted, adding that the 1.1 million tpa ammonia plant project at Ras al-Khair is a part of a larger complex being built at a cost of SAR 24 billion.

Earlier this week, Maaden awarded Daelim Industrial Co Ltd and Daelim Saudi Arabia the SAR 3.35 billion contract to construct the ammonia plant at Ras al-Khair.

“The company currently has $1.7 billion in cash and can finance the project’s ongoing phase of its resources,” Davies concluded.