RLPC-Maaden to borrow $2.3 bln for project-banker

LONDON, Feb 14 (Reuters) - Saudi Arabian Mining Co (Maaden) has appointed banks to arrange a $2.3 billion syndicated loan to back a phosphate venture it is developing with Saudi Basic Industries Corp (SABIC) 2010.SE, a banking source said.

The arranging banks are Al Raji Bank, Calyon, Mizuho, Riyad Bank, SAMBA Financial, Banque Saudi Fransi and Standard Chartered Bank.

The financing is split between a syndicated Islamic facility, which complies with Islam's ban on the receipt of interest, and a facility guaranteed by the Korea Export Insurance Corp.

The loan is expected to launch into syndication by the end of the month.

SABIC, the world's largest chemical company by market value and the Gulf's largest steel producer, owns 30 percent of the project and state-owned Maaden the rest.

The joint venture will include a phosphate mine and processing plant producing 3 million tonnes of fertiliser per year, the two firms said in March 2007. (Reporting by Alasdair Reilly; Editing by Paul Bolding)