PIF will lend Maaden Aluminum Company $1.3bn and Maaden Rolling Co $821M, Maaden said in a statement posted on the Saudi bourse website.
“The loan is part of financing the Maaden Aluminum Company and Maaden Rolling Company, both of which owned 74.9% by Maaden and 25.1% by Alcoa,” Maaden’s CEO Abdullah Dabbagh said.
In November, Maaden and Alcoa signed part of the bank financing for the Middle East’s first fully integrated aluminum smelter and food-grade can-sheet rolling mill. A total of 16 financial institutions contributed $1.9bn. The financing was heavily oversubscribed.
In its initial phases, the joint venture will develop a fully integrated industrial complex, including a bauxite mine with an initial capacity of 4Mt/y, an alumina refinery with an initial capacity of 1.8Mt/y, a smelter with an initial capacity of 740kt/y and a rolling mill with initial capacity of 380kt/y.
Source: Arab News, Riyadh