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Tue 30 Nov 2010 11:54 PM

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Saudi's Maaden gets $240m state loan for plant

Mining company received loan to finance a caustic soda project in Jubail

Saudi's Maaden gets $240m state loan for plant
JOINT VENTURE: The project is joint venture between state run miner and Sahara Petrochemicals Co(Getty Images)

Saudi Arabian Mining Co Maaden said on Tuesday it had received a $240 million from state run Saudi Industrial Development Fund (SIDF) to finance a caustic soda project in Jubail.

The project is a joint venture between the state run miner and Sahara Petrochemicals Co and has a production capacity of 250,000 tonnes per year of caustic soda and 300,000 tpy of ethylene dichloride.

The project is to be completed by the end of 2012, Maaden said in a statement on the bourse website.

Caustic soda is a feedstock used for the refining of bauxite to alumina. (Reuters)

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