Saudi Maaden inks USD1b loan deal with PIF

28 Nov 2011

(MENAFN) Saudi Maaden Bauxite and Alumina Company said that it inked a USD1 billion financing deal with Saudi Public Investment Fund (PIF), for the second phase of its aluminum project which would cost USD3.58 billion, reported Arab News.

The company, a subsidiary of Saudi Arabian Mining Company (Maaden), added that the aluminum project would include a bauxite mine at Al-Baitha and an alumina refinery at Ras Al-Khair.

It also said that the first phase would include an aluminum smelter and rolling mill, located in Ras Al-Khair, and would start operations in 2013, whereas first production from the mine and refinery would begin in 2014.

It is worth noting that the project is a joint venture between Maaden, which holds a 74.9 percent take and Alcoa which owns 25.1 percent stake in the project.

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