Saudi Arabian Mining Co (Maaden) is in talks with a number of banks for a loan of up to 7 billion riyals ($1.86 billion) to finance the company's future investments, the firm said in a bourse statement on Saturday.
"Maaden is in talks with a number of banks as it intends to receive a mid-term Murabaha loan for an amount that does not exceed seven billion riyals, in order to finance the company's future investments," it said.
On Wednesday a banker told Reuters that Maaden was seeking a 7 billion riyal loan from local banks, and that HSBC Saudi Arabia, an affiliate of HSBC, would be the lead arranger.
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