We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 29 Jun 2010 08:55 PM

Font Size

- Aa +

Saudi Maaden approves $4.5bn funding for Alcoa JV

The plant's financing will be provided by a group of local and foreign banks.

Saudi Maaden approves $4.5bn funding for Alcoa JV
FINANCING PLAN: Saudi Arabian Mining Co said that its board had agreed on a $4.5bn financing plan for the first phase of a joint aluminium plant with Alcoa. (Getty Images)

State controlled Saudi Arabian Mining Co (Maaden) said its board had agreed on a $4.5 billion financing plan for the first phase of a joint aluminium plant with US firm Alcoa.

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 Saudi firm said. It gave no details of the terms of the deal.

In a statement posted on the Saudi bourse website, Maaden said: "This will cover 60 percent of the cost for the first phase of the project, while the rest of the financing will be made by the partners (Maaden and Alcoa)."

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

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

The smelter and the rolling mill are expected to begin operations in 2013, while the mine and refinery are expected to come on stream the following year. (Reuters)

Arabian Business: why we're going behind a paywall

For all the latest Saudi Arabia news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.