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Ma’aden secures USD1b commercial loan

03 Jul 2011

(MENAFN) Saudi Arabian Mining (Ma’aden) stated that it secured commercial loans worth USD1 billion aimed at financing the second phase of its aluminum project with US-based Alcoa, reported Times of Oman.

Ma’aden also said that the loan was a 16-year financing for the joint venture’s Bauxite and Alumina project.

The Saudi largest mining company explained that it would pay for the loan starting from June 2017 in twenty-one half-yearly payments. Ma’aden pointed out that the cost for the project’s second phase was USD3.6 billion.

It is worth noting that Ma’aden plans on expanding its regional businesses as Saudi’s government spending urges an increase in demand for energy and minerals. The company stated that it expects receiving an additional USD1.16 billion in funds for its projects.

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