Jun 22 2011 |
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Saudi Arabian Mining Company, Maaden announces PIF Board approves a loan for a second phase aluminum project
Further to the companys announcement on Tadawul on December 20, 2009, The Saudi Arabian Mining Company , Maaden today announced the approval of the Public Investment Funds Board of Directors for a US$1 billion loan to finance Maaden Bauxite and Alumina Company , which is owned 74.9% by Ma'aden and 25.1% by Alcoa.Maaden Bauxite and Alumina Company consists of a bauxite mine and an alumina refinery with an approximate cost of US$3.605 billion and is the second phase of the US$10.8 billion Ma'aden Alcoa joint venture project. Sixty percent of the total cost of the second phase which is US$2.163 billion will be financed through the Public Investment Fund , Saudi Industrial Development Fund , and other financial institutions and commercial banks. The remaining US$ 1.442 billion will be financed by project partners, Maaden and Alcoa on the pro-rata bases. Further announcements regarding the projects financing will be made available in due time.
© Tadawul 2011
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