Riyadh, KSA: – Ma'aden and PhosAgro, two of the world’s leading fertilizer producers, entered a strategic cooperation agreement as part of the memorandum of understanding (MoU) signed during the visit of King Salman bin Abdulaziz to the Russian Federative Republic. The Russian Investment Fund also signed the agreement as third party and aims to strengthen the areas of collaboration between the two companies.
Under the agreement, Ma’aden and PhosAgro will work together to support global food security through fertilizer industry development projects around the world. Both parties will also promote the exchange of technical expertise aimed at increasing efficiency in production and manufacturing quality through field site visits. Additionally, the parties will collaborate to minimize any negative impact on the environment and expand the use of environmentally friendly phosphate fertilizers globally. The Russian Investment Fund will help facilitate opportunities for cooperation and strategic partnerships between the two parties.
Ma'aden, together with its global partners, has launched industrial projects and manufacturing complexes, in the industrial cities of Ras al-Khair and Wa’ad Al Shamal where the current production capacity of phosphate fertilizers is 6.15 million tons. Ma'aden also recently announced its third phosphate fertilizer manufacturing complex, which will add three million tons of production capacity, placing the Kingdom among the world's top three producers and exporters of phosphate fertilizers. This will strengthen the Kingdom’s position as a strategic player in promoting the stability of global food security.
Recently, the company acquired The Meridian African Group, which is a strategic move to build global distribution channels for fertilizer products. This comes at a time when the company is establishing itself as one of the world's largest producers and exporters of phosphate fertilizers.
Ma’aden contributes to the fertilization of about 70 million hectares of grain-growing land, estimated to produce about 200 million tons of grain and enough to feed about 500 million people annually. The export network of phosphate mineral products and derivatives extends to Asian countries, Australia, East Africa and South America.
Saudi Arabian Mining Company (Ma'aden) was formed by Royal Decree in 1997 to facilitate the development of Saudi Arabia's mineral resources and was originally wholly owned by the Saudi Government before 50% of its shares were floated on the Saudi Stock Exchange (Tadawul) in 2008. Initially Ma'aden's activities focused on expanding its active gold business which now includes five mines and over 15 million ounces gold resources. Ma'aden has also developed its activities beyond gold with the development of Ma'aden Phosphate Company, Ma’aden Aluminium Company and Industrial Minerals. A number of projects are underway to make Ma’aden the third pillar of Saudi Arabia’s economy. For more details visit us at www.maaden.com.sa
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© Press Release 2019