Saudi Arabian Mining Company (Ma’aden) announces an unscheduled shutdown of the Ammonia Plant of its subsidiary Ma’aden Phosphate Company.
|Announcement Detail||Saudi Arabian Mining Company (Ma’aden) announces that the Ammonia Plant at Ma’aden Phosphate Company (MPC) encountered a technical deficiency in one of its parts on Thursday evening 20/05/2021. This led to a limited fire that was fully controlled. The management decided for an unscheduled shutdown this plant as a precautional measurement. Fortunately, there was no injuries. |
Since this unscheduled shutdown has not impacted the Company’s ability to produce phosphate or to fulfill its obligations towards its customers, the preliminary estimates of the financial impact indicates that such shutdown is limited and does not constitute a material impact.
The Company’s management is currently working on estimating the period that is required for resuming the Plant and assessment of the financial impact of this unscheduled shutdown. Upon completing of the final estimates, the Company will announce the duration and impact of this shutdown, and any other developments.
Ma’aden Phosphate Company is a limited liability company co-owned by Ma’aden (70%) and Saudi Basic Industries Corporation (SABIC) (30%).
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.