Saudi Arabian Mining Co., commonly known as Maaden, has raised $1.25 billion from its debut Islamic bond sale as the company looks to fund a huge expansion program over the next five years.
A fork light moves aluminium ingots at the aluminium processing plant at the Saudi Mining Company, mineral industry complex in Ras Al-Khair, Saudi Arabia on Wednesday, Nov. 23, 2016. SECOND SENTENCE HERE Photographer: Simon Dawson/Bloomberg
“The market appetite for investing in Saudi Arabia, in mining, and in Maaden specifically, is strong, and a sign of the untapped potential seen in the kingdom,” Maaden Chief Executive Officer Bob Wilt said in an interview. Around half of the demand came from US investors with the rest split between Europe, Asia and the Middle East, he said.
Maaden’s board will make a final decision on new investments in gold and phosphate production around the middle of this year, Wilt said.
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