This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Arabian American Announces Al Masane Al Kobra Mining Company Receives Additional Funding From Saudi Industrial Development Fund





SUGAR LAND, Texas, Jan. 8, 2014 /PRNewswire/ -- Arabian American Development Co. (NYSE: ARSD), a leading provider of high purity specialty chemicals and 35% owner of Al Masane Al Kobra Mining Company ("AMAK"), announced that AMAK received additional funds from the Saudi Industrial Development Fund ("SIDF") under the original loan agreement dated September 1, 2010. The sum of 138,000,000 Saudi Riyals ( US$38 million) was received by AMAK on December 30, 2013.  This is the second disbursement on the SIDF loan, increasing the total amount loaned to 279,808,000 Saudi Riyals ( US$74.5 million).

"We are very pleased to receive the second tranche of the loan which we view as a sound vote of confidence from the SIDF.  The SIDF has performed extensive due diligence on the mine, and their advancement of the loan funding is confirmation of the viability of the AMAK operation.   These SIDF funds, along with funds from the sale of copper ore housed in the warehouse, were received before year end," stated Nick Carter CEO of Arabian American Development Co. "The SIDF paid off the Minister of Finance Note for $11 million which originated from Arabian American's balance sheet and dated back to 1979. As a result, these transactions significantly improve AMAK's balance sheet and are important steps in keeping AMAK moving in the right direction in 2014."

The first draw on the loan was funded in the first quarter of 2011.  Funds remain available under the loan agreement; however, AMAK does not foresee the need for additional working capital. AMAK has requested that the commencement of the repayment schedule be deferred one year to February 14, 2015, due to the length of time entailed to receive the second loan disbursement. As previously disclosed by the Company, dividend payments from the mine cannot begin until scheduled loan repayments have been initiated and cannot exceed the amount of loan repayment in any one year.

About Arabian American Development

ARSD owns and operates a petrochemical facility located in southeast Texas, just north of Beaumont which specializes in high purity petrochemical solvents and other solvent type manufacturing. The Company is also the original developer and a 35% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock company. For more information about Arabian American Development, visit arabianamericandev.com.

Investor Relations:Genesis Select Corp. Kim Rogers303-415-0200 krogersc@genesisselect.com

Company Contact: Nick Carter, President and Chief Executive Officer(409) 385-8300 ncarter@arabianamericandev.com

SOURCE Arabian American Development Co.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs