FINANCIAL NEWS

Saudi Maaden approves $4.5b financing arrangement

30 Jun 2010

(MENAFN) A statement released by the Saudi Arabian Mining Co (Maaden) said that the company?s board had agreed on a $4.5 billion financing plan for the first phase of a joint aluminum plant with US firm Alcoa, Reuters reported.

According to the statement, the financing will be provided by a group of local and foreign banks, as well as Saudi Arabia?s Public Investment Fund and the Industrial Investment Fund.

The joint venture started work on the $10 billion complex, which it said will be the world?s largest fully integrated aluminum complex, earlier this month.

The complex will include a bauxite mine and an alumina refinery, aluminum smelter and rolling mill at Ras Al-Zour.

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