Saudi Arabian Mining Co (Ma’aden) said it had signed financing agreements worth $320 million with a Saudi government fund to develop the first phase of an aluminum projects in the Kingdom with Alcoa.
Saudi Industrial Development Fund, a government institution, has agreed to lend Ma’aden two loans, each worth $120 million, the mining company said.
The first loan is to its subsidiary Ma’aden Aluminum Co. and the second to Ma’aden Rolling Mill Co., which is a joint venture with Alcoa in which the international aluminum refiner holds a 25.1 percent stake.
The loans are to be repaid over six years in twice yearly installments, with repayments starting for the first in February 2015, and for the second in January 2016, Ma’aden said.
The agreements completed financing requirements for the project.
SG
October 17
