Saudi Arabian Mining Company (Maaden) [1211.SE] has announced developments regarding the use of the rights issue proceeds at end of 2Q16. According to the announcement, a total of SAR4.7bn have been used from the proceeds of the capital increase worth SAR5.6bn, while the remaining proceeds amounted to SAR874.5mn. The used proceeds included offering expenses of SAR23.9mn. Regarding the Maaden Waad Al Shamal phosphate Project, the company used SAR4.18bn and expects to use SAR874.5mn to finance the remaining portion of the company's equity investment in the project. As of end of June 2016, the project's developments are as follows: i) 75.6% completion of the beneficiation plant; ii) 86.0% completion of the sulphuric acid plant; iii) 82.7% completion of the phosphoric acid plant; iv) 97.7% completion of the ammonia plant vi) 66.1% completion of the DAP plant. As for the Maaden Baeuxite and Alumina Company, the company used SAR509mn from the capital increase proceeds to repay outstanding debts against the murabha finance facility, while SAR7mn have been used to fund Maaden's equity contribution to the project. As of end of June 2016, the construction of the Maaden Bauxite and Alumina Company project have been completed and are currently at the ramp-up stage. (Tadawul)   Maaden: SAR37.16 as of 19 July 2016, Rating: Sell, FV: SAR30.00 per share, MCap: USD11,579mn, MAADEN AB / 1211.SE