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FINANCIAL NEWS
Saudi Maaden secures USD2.4b murabaha facility
19 Dec 2012
(MENAFN) Saudi Arabian Mining Company (Maaden) has secured a USD2.4 billion Islamic loan (Murabaha) to help fund future projects, Reuters reported.
The murabaha-structured revolving credit facility has a life of five years and was increased from the USD1.87 billion initial target amount announced in June.
Maaden, which has an aluminum joint venture with US Alcoa, said last month that the plant would not reach full capacity on schedule due to power supply issues.
In March, Maaden unveiled plans to expand the plant with a new production line, with a capacity of 100,000 tonnes per year, to produce sheets used in the automotive and construction industries.
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