RIYADH, 28 August — Saudi Arabia requires about SR7.5 billion ($2 billion) to exploit its vast phosphate resources in the north, an informed source at the Ministry of Petroleum and Minerals told Arab News.
The Kingdom’s phosphate reserves are estimated at 110 million tons, the source said, quoting a recent study prepared by the Royal Commission for Jubail and Yanbu.
The source pointed out that Maaden Company may establish a joint venture with one or more international companies to exploit the phosphate resources.
Maaden signed a deal with Saudi Oger last month to establish a joint company to develop phosphate mines and transport raw phosphate via railways. The project is estimated to cost $800 million to $2 billion.
The source pointed out that the Kingdom had invited US companies to invest in the giant project.
