The Public Investment Fund (PIF) will lend Maaden Aluminum Company $1.3bn, and Maaden Rolling Co $821M, for the Middle East’s first fully integrated aluminium smelter and food-grade can-sheet rolling mill.
The loan is part of financing the Maaden Aluminum Company and Maaden Rolling Company, both of which are owned 74.9% by Maaden and 25.1% by Alcoa.
In its initial phases, the joint venture will develop a fully integrated industrial complex, including a bauxite mine with an initial capacity of 4.4Mt/y, an alumina refinery with an initial capacity of 1.8Mt/y, an aluminium smelter with an initial capacity of 740kt/y and a rolling mill with an initial capacity of 380kt/y.