Saudi Arabian Mining Company (Ma'aden) announces an update on the unscheduled shutdown of the Ammonia Plant of its subsidiary Ma’aden Phosphate Company
|Introduction||Further to the Company’s announcement on 11/10/1442H (corresponding to 23/05/2021) regarding the unscheduled shutdown of the Ammonia Plant of its subsidiary Ma’aden Phosphate Company. |
Saudi Arabian Mining Company (Ma'aden) is pleased to announce the completion of the maintenance activities of its subsidiary "Ma’aden Phosphate Company" due to the shutdown the company took the opportunity to bring forward the scheduled periodic maintenance of the plant, thus that operations will resume today, Wednesday 29 September 2021.
|Previous Announcement||The unscheduled shutdown of the Ammonia Plant of its subsidiary Ma’aden Phosphate Company|
|Date of Previous Announcement on Tadawul's Website||2021-05-23 Corresponding to 1442-10-11|
|Percentage of fulfilled achievement||100%|
|Event's Expected Completion Date||22/02/1443H corresponding to 29/09/2021|
|Reasons for Exceeding the Announced End Date||NA|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||The financial impact of the shutdown is calculated based on the maintenance costs, insurance coverage, and the difference between the target amount of the production and the sales prices during the shutdown period. According to the available data, the Company considers the financial impact of such shutdown is "nonmaterial". The Company assures that this shutdown did not affect the Company's ability to produce phosphate fertilizers or its obligations towards its customers and to meet the target production. As the Company invest in the excellence operational program to boost the production capacity and taking precautionary measures for business continuity.|
|Impact of the Delay on the Company's Financial Results||NA|
|Additional Information||Ma’aden Phosphate Company is a limited liability company co-owned by Ma’aden (70%) and Saudi Basic Industries Corporation (SABIC) (30%).|
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