RIYADH: Saudi Arabian Mining Company (Maaden) said it shut down one of its ammonia plants as a precautionary measure after a fire.
The incident occurred on Thursday and the fire was fully controlled, the company said in a stock exchange filing on Sunday. There were no injuries reported.
The company said it decided on an unscheduled shutdown as a precautionary measure.
“Since this unscheduled shutdown has not impacted the company’s ability to produce phosphate or to fulfill its obligations toward its customers, the preliminary estimates of the financial impact indicates that such shutdown is limited and does not constitute a material impact,” the company said in a filing.
Maaden is currently assessing the financial impact of the disruption which will be disclosed as well as any other developments, it said.
Maaden Phosphate Company is a $5.6 billion project co-owned by Maaden (70 percent) and Saudi Basic Industries Corporation (SABIC) (30 percent).
Its phosphate mine produces close to 11.6 million tons of ore per year.
From Al Jalamid, concentrated phosphate rock is transported by rail over 1,200 kilometers to Ras Al Khair Industrial City for processing at Maaden’s Integrated Fertilizer Production Complex, according to the company's website.
Maaden temporarily shuts down ammonia plant after fire
https://arab.news/mjrrj
Maaden temporarily shuts down ammonia plant after fire
- Maaden is currently assessing the financial impact of the disruption
- Plant shut down as a precautionary measure
Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
