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FINANCIAL NEWS
Maaden-Alcoa JV secures $4.5b financing
11 Jul 2010
(MENAFN) Reuters reported that the joint venture between Alcoa and the Saudi Arabian Mining Company (Maaden) has raised $4.5 billion in debt for their giant aluminum smelter project.
The $7.5 billion project, expected to be one of the world’s largest aluminum projects, consists of a rolling mill and a smelter which will each be financed separately and signed by September, bankers said.
State-controlled Maaden announced last month that its board had agreed on a $4.5 billion financing plan for the first phase of the aluminum plant with US firm Alcoa, without giving pricing details or naming the banks involved.
The aluminum smelter and the rolling mill are the first phase of the Maaden Alcoa $10 billion joint venture complex which will include a bauxite mine and an alumina refinery.
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