Saudi Arabian Mining Company (Ma’aden), one of the fastest-growing mining companies in the world, announced in a statement that it has signed four memorandums of understanding (MoU) in the presence of His Excellency Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, the Hon. Dr. Mansukh Mandaviya, India’s Minister of Chemicals and Fertilizers, and Robert Wilt, CEO of Ma’aden.
The agreements seek to double Ma’aden’s exports of phosphate products and ammonia to India starting in 2023, with plans to explore product and technology development collaboration for phosphate fertilizers.
The MoUs include:
- An agreement with the Indian Potash Company Limited to supply phosphate products.
- An agreement to supply ammonia to Gujarat State Fertilizers & Chemicals Limited.
- Two agreements, with Krishak Bharati Cooperative Company Limited and Coromandel International Limited respectively, to supply phosphate products and ammonia, explore collaboration in multiple growth areas and to pursue joint development of technology for specialty products, product development, agronomy and logistics solutions.
Ma’aden CEO Robert Wilt commented on the agreements: “India is the largest import market for phosphate and ammonia in the world, with steadily increasing demand. Due to the close geographical proximity between our nations, Ma’aden is a natural partner for the Indian market. We first started exporting fertilizers to India in 2011 and today we export about 1.7 million tons of phosphate products and ammonia to the Indian market annually. In May 2020, we opened our first office in India to reinforce our commitment to the country and be closer to our customers.”
“As a leading global phosphate fertilizer producer and the largest phosphate fertilizer supplier to India, India is a strategically important market for Ma’aden. We aim to continue to invest in strengthening our relationship with Indian companies. These new agreements help expand our role in global food security and help bolster the long standing relationship between Saudi Arabia and India,” Mr. Wilt continued.
In record time, Ma’aden has become the leading multi-commodity company for the development of the Saudi mining industry. Ma’aden’s mine-to-market phosphate business consists of two mega plants in Saudi Arabia: Wa’ad Al Shamal Industrial Minerals City in the Northern Borders province, and Ras Al Khair Industrial City on the East coast. Ma’aden is developing a third large-scale phosphate project called ‘Phosphate 3’, which aims to increase the company’s phosphate fertilizer supply capacity by 3 million tons to reach 9 million tons production capacity over the coming years.
