24/08/2026 03:33 AST
Saudi Arabian Mining Co. or Maaden has secured $1 billion in inaugural international syndicated credit facilities, with strong demand from global lenders resulting in the facilities being significantly oversubscribed.
The transaction attracted participation from leading international banks across the US, Canada, and Europe, as well as China and Japan, broadening Maaden's access to international financing sources and underscoring lenders' confidence in its financial strength, strategic direction, and growth plans.
The facilities comprise a $500 million international term loan and a $500 million international revolving credit facility.
The development aligns with the Kingdom's accelerating efforts to develop its mining sector and unlock mineral wealth estimated at more than SR9.4 trillion ($2.5 trillion), according to government estimates, as part of broader economic diversification, with Maaden playing a central role in expanding exploration and developing the Kingdom's mineral resources.
Financing supports Maaden's expansion
"The strong international demand for these facilities reflects the confidence global financial institutions have in Maaden, our strategy and our long-term growth ambitions," Bob Wilt, CEO of Maaden, said.
He added that the facilities will support the company's growth agenda and help it capture opportunities emerging from the nation's rapidly growing mining sector.
The financing comes as Maaden expands its operations amid strong financial performance. The miner reported a 16 percent year-on-year increase in second-quarter revenue to $2.9 billion, while EBITDA rose 3 percent to $1 billion, and net profit attributable to shareholders reached $600 million.
The term loan will support Maaden's growth strategy and general corporate purposes, including financing expansion projects across its portfolio, the company said in a statement.
The revolving credit facility, which is expected to remain undrawn, will provide additional committed funding capacity as Maaden expands its operations and advances its long-term growth plans.
"They strengthen our ability to deliver projects that will unlock the Kingdom's mineral potential and support Saudi Arabia's Vision 2030 ambitions," Wilt said.
Mining push drives exploration pipeline
Maaden said the facilities mark another significant milestone in its financing strategy, further diversifying its funding sources and broadening its access to global capital providers as it advances its long-term growth plans.
The company continues to progress its growth pipeline, including expanding production, advancing major projects, and accelerating exploration as it builds its mining portfolio in support of Saudi Arabia's economic transformation.
Maaden is also expanding its exploration pipeline through a planned joint venture with Saudi Aramco focused on copper and other minerals critical to the energy transition. The venture is expected to be 51 percent owned by Maaden and 49 percent by Aramco.
Arab News
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