Monday, Aug 17, 2009
DUBAI (Zawya Dow Jones)--Saudi Arabian Mining Co. (1211.SA), or Maaden, Monday signed an agreement with local firm Olayan Descon to set up a magnesite processing plant.
The plant will cost 95 million riyals ($25.3 million) and produce 140,000 tons of magnesite over the next 20 years, Maaden said in a statement posted on the Saudi bourse Web site, without specifying its stake in the venture.
Maaden shares closed trading Sunday flat at SAR14.65.
-By Summer Said, Dow Jones Newswires; +9714 364 4965; summer.said@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
17-08-09 0728GMT
