PIF approves USD1b Maaden project loan

23 Jun 2011

(MENAFN) Maaden, the Saudi Mining Company, said that Public Investment Funds (PIF) approved a USD1 billion loan for the company’s second phase aluminum project, reported Arab News.

Maaden added that the loan would fund Maaden and Alcoa USD10.8 billion joint venture, the Maaden Bauxite and Alumina Company, where 74.9 percent were owned by Maaden and 25.1 percent by Alcoa.

It also said that the Maaden Bauxite and Alumina Company included a bauxite mine and alumina refinery with a cost of around USD3.605 billion, which was considered as the second phase of the joint venture project.

It is worth noting that around USD2.163 billion of the second phase will be financed through the Public Investment Fund, Saudi Industrial Development Fund, and other financial institutions and commercial banks, whereas the rest, a USD1.442 billion, will be funded by project partners, Maaden and Alcoa on a pro-rata basis.

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