DUBAI — Saudi Arabian Mining Company, a state-owned metal and mineral producer, plans to borrow as much as $2.7 billion to help finance a phosphate fertilizer project it's planning with Saudi Basic Industries Corporation, or Sabic.
Ma'aden, as the company is known, will seek underwriters for the 15-year loans by early November to syndicate the debt in early 2008, said a person familiar with the plan, who asked not to be identified as the discussions are private. Ma'aden wants the loans to be structured as Islamic-compliant investments, the person said.