Maaden Barrick Copper Company, an affiliate of the Saudi Arabian Mining Company (Maaden), has concluded an agreement with the Saudi British Bank (SABB) to finance its copper project in Jabal Sayid for the amount of SR750 million.

Khalid Al-Rowais, Maaden SVP for Finance and CFO, said this financing confirms Maaden’s continued ability to obtain competitive financing terms from the market to meet its ongoing financial need.

He noted that the new murabaha financing facility would be important in providing the remaining funding required for completing the Jabal Sayid project and in adding copper to Maaden’s existing portfolio of products, which includes phosphate, aluminum and gold.

Maaden announced in December last year the acquisition of the copper project in Jabal Sayid jointly with Barrick Gold Corporation in Canada, following the formation of Maaden Barrick Copper Company.

The project, which is located 120 km southeast of Madinah, is expected to begin production later this year.