Maaden secures $1b in oversubscribed financing as Saudi mining push accelerates

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Saudi Arabian Mining Co. (Maaden) has secured USD 1 billion in inaugural international syndicated credit facilities, with strong demand from global lenders highlighting confidence in the company's expansion strategy and Saudi Arabia's broader mining ambitions.

Maaden has secured USD 1 billion in international credit facilities as the Saudi mining giant looks to expand its operations and capture opportunities created by the Kingdom's rapidly developing mining sector.

The financing was significantly oversubscribed, attracting participation from leading international banks across the US, Canada, Europe, China and Japan.

The strong demand gives Maaden broader access to international sources of capital while signalling lender confidence in the company's financial position, strategic direction and long-term growth plans.

The transaction comprises a USD 500 million international term loan and a USD 500 million international revolving credit facility.

Financing to support Maaden's expansion

The term loan will support Maaden's growth strategy and general corporate purposes, including the financing of expansion projects across its portfolio.

The revolving credit facility, meanwhile, is expected to remain undrawn and will provide additional committed funding capacity as the company expands its operations and advances its longer-term projects.

Bob Wilt, CEO of Maaden, said the strong demand for the facilities reflected international financial institutions' confidence in the company's strategy.

“The strong international demand for these facilities reflects the confidence global financial institutions have in Maaden, our strategy and our long-term growth ambitions,” Wilt said.

He added that the financing would support Maaden's growth agenda and help the company capture opportunities emerging from Saudi Arabia's expanding mining sector.

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Strong financial performance supports growth plans

The company recorded a 16 per cent year-on-year increase in second-quarter revenue to USD 2.9 billion, while EBITDA rose 3 per cent to USD 1 billion.

Net profit attributable to shareholders reached USD 600 million during the quarter.

The combination of stronger financial performance and expanded access to international funding gives Maaden additional capacity to advance projects across its mining portfolio.

The company said the new facilities also mark an important step in its financing strategy by diversifying its funding sources and broadening its access to global capital providers.

Saudi Arabia targets USD 2.5tn mineral wealth

Government estimates put the value of the Kingdom's mineral wealth at more than USD 2.5 trillion, creating a significant opportunity for exploration, production and downstream development.

Maaden is playing a central role in this strategy by expanding production, advancing major projects and accelerating exploration across the Kingdom. The company sees the latest financing as providing additional capacity to pursue these opportunities.

Wilt said the facilities would strengthen Maaden's ability to advance projects aimed at unlocking Saudi Arabia's mineral potential.

“They strengthen our ability to deliver projects that will unlock the Kingdom’s mineral potential and support Saudi Arabia’s Vision 2030 ambitions,” he said.

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Exploration pipeline expands

One of its planned initiatives is a joint venture with Saudi Aramco focused on copper and other minerals considered critical to the energy transition.

The proposed venture is expected to be 51 per cent owned by Maaden and 49 per cent by Aramco, bringing together the mining company's exploration capabilities with Saudi Arabia's national energy company.

The focus on copper and other critical minerals reflects the changing requirements of the global energy system, where demand for materials supporting electrification and clean-energy technologies is expected to remain an important driver of mining investment.

The deal provides fresh committed funding, strengthens its international financing network and gives the company greater financial capacity to pursue projects as Saudi Arabia seeks to turn its substantial mineral resources into a larger contributor to the national economy.

The oversubscription of the facilities also sends a broader signal: international lenders are increasingly willing to back the Kingdom's ambitions to build a larger and more diversified mining industry.

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