Ma'aden Bauxite and Alumina Co., the subsidiary of Saudi Arabian Mining Co. (Ma'aden) has signed a financing agreement with Saudi Industrial Development Fund (SIDF) for its aluminum project’s second phase.
The company will repay the loan of SAR 900 million ($240 million) in 15 semi-annual unequal repayments. The loan repayment will start from July 9, 2017 and continue for 7.5 years. In a filing to Tadawul, the company said shareholders financial guarantee as well as pledge of assets of Ma’aden Bauxite is given to SIDF. The financing of the second phase of the project is completed under this agreement.
