Saudi Arabian Mining Company (Ma’aden), the Arabian Gulf’s largest miner, will look to grow internationally in the phosphate and fertilisers business, its chief executive said.
“We have still unexplored and great opportunities in Saudi Arabia," said Khalid bin Saleh Al Mudaifer in Dubai. "The other is our global presence where we grow outside Saudi Arabia. We have one of the largest phosphate resources in the world now. So we want to make sure we can grow it internationally.”
The company, which mines gold in the kingdom, besides bauxite - the ore from where aluminium is derived - also plans to to expand its growth capabilities in base metals, he added.
Saudi Arabia, the world’s top exporter of oil, is also rich in minerals such as phosphate, of which it has some of the world’s highest reserves - estimated at three billion tonnes or more. Phosphate forms an important component in the manufacturing of fertilisers and also finds varied uses in the chemicals industry.
Ma’aden, as part of its overseas expansion, eyes growth in its key consuming markets.
“Wherever is a good mining source, we would like [to be there] and for fertilisers we would like to be in the main regions of consumption, which is the Americas and Asia," said Mr Al Mudaifer.
He declined to comment on whether the company was exploring for uranium in Saudi Arabia, which has significant deposits of the metal, but said Ma’aden was open to “any mining business” as long as it had scope. The kingdom, which has set aside an ambitious target to bring online 16 nuclear reactors by 2030, has looked at sourcing the metal used to develop nuclear fuel domestically.
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Ma’aden, which follows the lead of fellow Saudi conglomerate Sabic - the region’s largest petrochemicals company - said talks were ongoing to “grow together”. He declined to be more specific but cited his firm's $7bn joint venture to produce phosphate with the chemicals giant as grounds for continued discussions on partnerships.
Ma’aden had set the ball rolling for future tie-ups outside the kingdom back in 2009, when it formed a joint venture with US-based aluminium producer Alcoa to mine for bauxite in Saudi Arabia. The joint venture processes bauxite at their 1.8 million tonnes a year alumina refinery, which became commercial in 2014.
The Saudi mining chief played down disruptions to the global aluminium market after the US President Donald Trump's administration imposed sanctions against Russian producer Rusal last month, which caused prices for the base metal to rally to their highest in several years.
“The sanctions are short-term and in the longer term there is a good drive for demand,” said Mr Al Mudaifer.
He added that Ma’aden was in the market to refinance the company’s loans incurred for an aluminium refinery.
“We have very highly leveraged balance sheets and we’re reducing our cash generations. We’re now in the market and we have completed sukuk issuance for phosphate and [its refinancing],” he said.
The company has $1.7bn in cash, he added.
ZAYED SUSTAINABILITY PRIZE
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
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