State-controlled Saudi Arabian Mining Co (Maaden) plans to invest 21 billion riyals ($5.6 billion) in a phosphate project as part of a new industrial city in the country's north, the company's chief executive was quoted on Tuesday by Saudi state media as saying.
Saudi Arabia's cabinet approved in its weekly cabinet on Monday the establishment of a new industrial city in the country's north -- Waad Al-Shimal City for Mining Industries in which the new project in Umm Wual would be located.
Maaden said recently the preliminary feasibility study to exploit phosphate deposits at Umm Wual proved viable.
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