(MENAFN- Saudi Press Agency) Cape Town, May 11, 2022, SPA -- Saudi Arabian Mining Company (MA'ADEN), Saudi Arabia's national mining champion announces the opening of a new regional office in South Africa.
The announcement was made at the Mining Indaba Conference, taking place from 9 to 12 May 2022.
In 2019, MA'ADEN strengthened its presence in the African market with the acquisition of Mauritius-based fertilizer distributor, Meridian Group, one of the largest fertilizer distributors in Africa.
As a result, today, MA'ADEN has a network of operations across Eastern and Southern Africa, from Malawi to Mozambique, Zimbabwe, and Zambia with 35-65% market share in the four countries. Beyond Meridian Group's regional distribution operations, MA'ADEN's fertilizer business currently has a direct market share of 48% in East and South Africa combined.
Robert Wilt, CEO of MA'ADEN, comments on the new office:“We are pleased to expand our international presence with a new regional office in South Africa. Today's announcement reinforces our commitment to the African agriculture market, as it is a strategic growth area for our fertilizer business, and part of our long-term value creation plan to grow MA'ADEN into one of the top miners in the world.
Africa is one of the world's fastest growing agricultural regions and will generate approximately 30% of global demand for phosphate fertilizers over the next decade. Most of this demand will come from East and South Africa, regions that are near Saudi Arabia. Our new office will allow us to better service South Africa and its neighboring countries, offering supply chain solutions for farmers as we expand our phosphate production volume in the near term to support food sustainability programs in several African countries”, Wilt said.
MA'ADEN's fertilizer business consists of two mega production plants at 6 MMT annual capacity. As one of the largest suppliers of fertilizer to South Africa, MA'ADEN is key player in contributing to food security.
-- SPA
19:36 LOCAL TIME 16:36 GMT
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