Waad Al-Shamaal’s phase II has SAR 30 bln in investments: minister

The second phase of Saudi Arabia’s Waad Al-Shamaal mining project will have total investments of SAR 30 billion, Khalid Al Mudaifer, the Kingdom’s vice energy minister for mining, told Argaam.

These investments include the Saudi Arabian Mining Company’s (Maaden) third phosphate facility, in addition to a number of manufacturing industries, alternative energy and housing projects, Al Mudaifer said.

“Phase I of Waad Al-Shamaal mining project, with total investments at SAR 55 billion, is completed. Exports in some projects have begun trial operations since the beginning of the year,” he added.

The Waad Al-Shamaal mining project is 60 percent-owned by Maaden, while Saudi Basic Industries Corporation (SABIC) owns a 15 percent stake and the Mosaic Co. (25 percent).

The Saudi government had approved a mining strategy that focused on building a digital database of mineral deposits, accelerating licensing processes and providing funding to mining companies, particularly smaller players, according to news reports.