Jun 23 2011 |
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Saudi Maaden Secures $1B Government Loan For Alcoa JV
Thursday, Jun 23, 2011
(This item was originally published Wednesday.)
RIYADH (Zawya Dow Jones)--Saudi Arabian Mining Co. (1211.SA), or Maaden , said Wednesday it got a $1 billion loan from the Saudi government Public Investment Fund , or PIF , to help finance its aluminium joint venture with Alcoa Inc. (AA) of the U.S.
Maaden Bauxite and Alumina Co, which is owned 74.9% by Maaden and 25.1% by Alcoa, comprises a bauxite mine and an alumina refinery project worth about $3.61 billion, Maaden said in a statement posted on the Saudi bourse website.
Maaden said that 60% of the total cost of the second phase will be financed by PIF , Saudi Industrial Development Fund, and other financial institutions and commercial banks. The remaining $1.44 billion will be financed by project partners, Maaden and Alcoa on the pro-rata bases.
Operations at the smelter and rolling mill will begin in 2013, while the mine and refinery are expected to come online in 2014. The aluminum complex will initially use 4 llion metric tons of bauxite mined at Al Baitha, near Quiba in the north of the kingdom, to refine 1.8 million tons of aluminum at Ras Al Zour. The plant's smelter has an annual aluminum production capacity of 740,000 tons.
Maaden shares Wednesday closed down 1.12% at SAR26.50 on the Riyadh bourse.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
23-06-11 0359GMT
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