Ma'aden Gives Al-Jalamid To Chinese Firm.

Ma'aden has given China's Guizhou Hongfu Industry & Commerce Development Co. (Hongfu) the $350m lump-sum turn-key (LSTK) contract to build a plant at the Jalamid mine in the north of the kingdom. The project is part of one of the largest integrated phosphate-based fertiliser complexes in the world. To be completed in early May 2010, this will remove calcium and magnesium carbonates from the phosphate deposit run-of-mine ore. It will produce 5.1m t/y of dry phosphate concentrate to be taken by rail to the phosphate and fertiliser complex at Ras al-Zour. The contract is one of the last in Ma'aden's plan to produce 2.9m t/y of diammonium phosphate when completed. Ma'aden's primary targets are India, Pakistan and China.

Ma'aden is to be privatised. A total of 50% of the firm open to investors in an initial public offering (IPO) in early 2008. In the $2.5 bn IPO, 40% will be offered to local investors. The remaining 10% will go to two pension funds.