China Aluminium Network
Maaden signs SR3.75bn financing deal as aluminum project gathers pace
Edited by : AL CIRCLE
1 min read
The Saudi Arabian Mining Company (Maaden) announced Sunday that its subsidiary, Maaden Bauxite and Alumina Company, has signed a $1 billion (SR3.75 billion) financing agreement with the Public Investment Fund (PIF) for the second phase of its aluminum project.
The second phase, which includes a bauxite mine at Al-Baitha and an alumina refinery at Ras Al-Khair, will cost SR13.445 billion.
The PIF loan will be repaid over a period of 16 years, starting in 2017.
The project, a joint venture between Maaden (74.9 percent) and Alcoa (25.1 percent) is being built in two phases, both of which are now under construction.
The mine and refinery are due to come on stream in 2014.Bauxite mine is with an initial capacity of 4,000,000 metric tons per year. Alumina refinery is with an initial capacity of 1,800,000 metric tons per year.
The second phase, which includes a bauxite mine at Al-Baitha and an alumina refinery at Ras Al-Khair, will cost SR13.445 billion.
The PIF loan will be repaid over a period of 16 years, starting in 2017.
The project, a joint venture between Maaden (74.9 percent) and Alcoa (25.1 percent) is being built in two phases, both of which are now under construction.
The mine and refinery are due to come on stream in 2014.Bauxite mine is with an initial capacity of 4,000,000 metric tons per year. Alumina refinery is with an initial capacity of 1,800,000 metric tons per year.
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