Maaden-Alcoa venture receives $2.1b loans

21 Dec 2010

(MENAFN) Abdullah Dabbagh, President and Chief Executive Officer at Saudi Arabian Mining Company (Maaden) revealed that the company’s two joint ventures with Alcoa Inc. have signed financing deals worth $2.1 billion, with the Public Investment Fund (PIF), Arab News reported.

According to Dabbagh, PIF will lend Maaden Aluminum Company $1.3 billion, while Maaden Rolling Co. will contribute $821 million, in order to finance the Maaden Aluminum Company and Maaden Rolling Company; both of which own 74.9 percent by Maaden and 25.1 percent by Alcoa.

The mentioned loan will be used to develop a fully integrated industrial complex, including a bauxite mine with an initial capacity of 4,000,000 tons per year, an alumina refinery with an initial capacity of 1,800,000 tons per year, an aluminum smelter with an initial capacity of 740,000 tons per year and rolling mill, with initial capacity of 380,000 tons per year, explained Dabbagh.

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