Saudi Arabian Mining Company (Maaden) has utilised more than SR4.7bn ($1.25bn) from the proceeds of its rights issue by the end of fourth quarter of 2016.

Maaden, the biggest mining firm in the Middle East, had raised SR5.6bn from the rights offering at the end of 2014. It has used SR4.19bn as an equity contribution to its unit Maaden Waad al-Shamal Phosphate Company, while the remaining amount of SR871m from the proceeds will be used to finance Madeen’s equity investment in the project.

The company said that the Beneficiation Plant at the projects has achieved 90.4 per cent completion as of end of the last year while the Sulphuric Acid Plant was 95.7 per cent complete. Phosphoric Acid Plant and Diammonium Phosphate (DAP) Plants were 90.9 per cent and 78.2 per cent finished.

The Ammonia Plant at the project has already achieved commercial production.

Maaden expects the construction will be completed and trial operations will begin on the other facilities of Maaden Waad Al Shamal Phosphate during the first half of this year.

Sahara funds

 Sahara Petrochemical Company, a Jubail-based petrochemicals producer, also utilised more than SR1bn from the proceeds of its rights issue by the end of last year.

The company, which had raised SR1.4bn through the rights offering in 2011, has also settled a SR385m short-term financing facility with the banks and has spent about SR117m on administrative expenses over the past five year.

The company said that it has also allocated SR95m to the Saudi Acrylic Polymer Company (Sapco) while the other items recorded a variation of SR362m, which was added to the company’s treasury.