A subsidiary of Saudi Arabian Mining Company (Maaden) has won the approval of Saudi Industrial Development Fund (SIDF) for four long-term loans amounting to SR4 billion ($1.063 billion), a report said.

Maaden Waad Al-Shamal Phosphate Company (MWSPC) will utilise a loan facility of SR900 million to finance construction of an ammonia plant in Ras Al-Khair, Al Riyadh reported, citing a company statement published on the Saudi Stock Exchange market (Tadawul).

The loan will be repaid in 14 semi-annual instalments for a period of seven years, it added.

Another loan of SR900 million will be used to finance construction of MWSPCs diammonium phosphate plant in Ras Al-Khair (RAK), also to be repaid in 14 semi-annual instalments.

The company will use a loan of SR1 to finance the construction of a sulphuric acid plant and the power plant in the city of Waad Al Shamal and which will be repaid in 16 semi-annual instalments over a period of eight years.

A loan facility of SR1.2 billion will be utilised for financing the construction of a phosphoric acid plant and phosphate concentrate plant in the city of Waad Al Shamal. This shall be repaid in 16 semi-annual instalments over a period of eight years, according to the report.