Part of the bank financing agreement was signed by the Maaden Aluminium Company and Maaden Rolling Company, both of which are co-owned by Maaden and Alcoa.

Sixteen financial institutions providing over $1.9bn participated in the signing ceremony that took place at the Maaden headquarters in Riyadh.

The companies will shortly commence the financing process for the mine and refinery, which constitutes the second phase of the $10.8bn Maaden/Alcoa joint venture.

Maaden was established as a Saudi Arabian joint stock company in March 1997 to facilitate the development of Saudi Arabia’s non-petroleum mineral resources and to diversify the Kingdom’s economy away from the petroleum and petrochemical sectors.

In July 2008, Maaden offered 50% of the company's shares for subscription in a successful IPO (initial public offering).

Source Arab News, Riyadh