Dec 21 2010 |
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Maaden-Alcoa Joint Ventures Secure SR7.9 Billion Financing Deals
RIYADH - Saudi Arabian Mining Company ' Maaden ' said Monday its two joint ventures with Alcoa Inc. signed financing contracts worth $2.1 billion (SR7.9 billion)with the Public Investment Fund ( PIF ).
PIF will lend Maaden Aluminum Company $1.3 billion, and Maaden Rolling Co. $821 million, 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 own 74.9 percent by Maaden and 25.1 percent by Alcoa,†Maaden’s President and Chief Executive Officer Abdullah Dabbagh said.
Maaden and Alcoa signed last month part of the bank financing for the Middle East's first fully integrated aluminum smelter and food-grade can-sheet rolling mill, in the Kingdom of Saudi Arabia where 16 financial institutions contributed a total of $1.9 billion. The financing was heavily oversubscribed, according to a report published today by the Jeddah-based Arab News.
In its initial phases, the joint venture will develop a fully integrated industrial complex, including a bauxite mine with an initial capacity of 4,000,000 tons per year, an alumina refinery with an initial capacity of 1,800,000 tons per year, an aluminum smelter with an initial capacity of 740,000 tons per year and rolling mill, with initial capacity of 380,000 tons per year.
The mill will be the first in the Middle East and will be one of the most technically advanced mills in the world.
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