RIYADH: Saudi Arabia’s state miner will use a windfall from the recent boom in commodity prices to pay off debt, as it seeks to strengthen its balance sheet before embarking on international acquisitions.
The new chief executive officer of Saudi Arabia Mining Co, known as Maaden, said he plans to halve the ratio of debt to earnings before interest, tax, depreciation and amortisation (ebitda) over the next five years. Net debt was equivalent to 6.5 times ebitda in March, according to data compiled by Bloomberg.
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