Saudi miner Ma'aden considers up to $5 bln rights issue - Bloomberg

May 27 (Reuters) - Saudi Arabian Mining Co 1211.SE (Ma'aden) is considering raising up to $5 billion in a rights issue later this year that would help it finance potential acquisitions, Bloomberg reported on Monday, citing people with knowledge of the matter.

Ma'aden, which mines gold and copper, and has in recent years expanded into the production of aluminium and phosphates, is working with HSBC Holdings Plc's Saudi Arabia unit on the possible issue, the report said.

The issue size is yet to be decided and could be lesser than $5 billion, Bloomberg added.

The Saudi Public Investment Fund (PIF), which owns a 65% stake in the mining firm, will also participate in the issue through a debt-for-equity swap and exchange its loans to Ma'aden subsidiaries into equity, Bloomberg said.

Ma'aden Chief Executive Officer Darren Davis had said in October that the company was actively looking for investment opportunities overseas that would complement and strengthen its business inside the kingdom.

Ma'aden and PIF did not respond to a Reuters request for comment. HSBC declined to comment.

(Reporting by Sathvik N in Bengaluru, additional reporting by Saeed Azhar; editing by Uttaresh.V)

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