Further to the Companys announcement on 9/3/1432H corresponding to 12/2/2011G, Saudi Arabia Mining Company (Maaden) announces the beginning of commercial production of Ammonia starting 1/10/2011 at the Maaden Phosphate Company (MPC) complex at Ras Al Khair. Ammonia plant has reached 100% capacity and has exported 480,000 tons of ammonia up to date. The production capacity of the ammonia plant is about 1.1 million tons annually. Note that the financial effect will be shown in the companys financial results for the fourth quarter of the 2011 fiscal year.
And further to the Maadens announcement on 8/9/1432 corresponding to 8/8/2011 regarding the beginning of MPCs initial production and export of Diammonium Phosphate (DAP), production to date has reached 110,000 tons of DAP with 50,000 tons of DAP exported. The beginning of commercial production of DAP, however, will be rescheduled to the first quarter of 2012 instead of the third quarter of this year 2011 at which time stable production from MPCs plants up to the full production capacity is envisaged. Full production is estimated to be 3 million tons per annum of DAP and the project is exoected to be completed within the estimated project cost.
MPC is a joint venture project between the Saudi Arabian Mining Company, Maaden and Saudi Basic Industries Corporation (SABIC), 70% for Maaden and 30% for SABIC.
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