August 22, 2013
Latham & Watkins represented The Saudi Arabian Mining Company (Ma’aden) in connection with the development of its US$7 billion Wa’ad Al Shammal greenfield phosphate project in Saudi Arabia and joint venture with the Mosaic Company and Saudi Basic Industries Corp. (SABIC). The project is a key part of the King Abdullah Project for the Development of Wa’ad Al Shammal Mineral Industrial City in the Northern Province of Saudi Arabia and is expected to create more than 1,500 direct job opportunities.
The Wa’ad Al Shammal project will be built in the northern region of Saudi Arabia at Wa'ad Al-Shammal Minerals Industrial City, and in Ras Al Khair Minerals Industrial City on the east coast of Saudi Arabia. The highly cost-efficient project is expected to have a production capacity of 3.5 million tonnes of finished phosphate per year and operations are expected to commence in late 2016, as detailed in the press release below.
The Latham & Watkins team included partner Glen Ireland and associate Victoria Salem in London; partner Salman Al-Sudairi, and associates Omar Elsayed and Noor Al-Fawzan in Riyadh. Partner Les Carnegie in Washington, D.C. advised on regulatory matters and partner Jocelyn Noll in New York advised on tax matters.