Saudi Arabian Mining Company (Ma’aden) plans to spend 8.6 billion to 10.6 billion Saudi riyals ($2.3-$2.8 billion) in capital expenditure in 2025, the miner said in its 2024 financial statement.

Around 70 percent of the spend will be growth capex, it added.

Growth capex is launched mainly by a company to expand existing operations or drive growth prospects.

Phase one of the Phosphate 3 mega-complex is expected to be completed by the end of 2026, with production starting in 2027.

The project is expected to reach full capacity by the end of 2027, the statement said.

The plant will add 1.5 million tonnes (MT) annual capacity by the end of 2026, the Saudi-listed mining company said in its 2024 first-quarter financial results.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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