Jul 02 2011 |
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Saudi Maaden Secures $1B Commercial Financing For Alcoa JV
Saturday, Jul 02, 2011
RIYADH (Zawya Dow Jones)-- Saudi Arabian Mining Co. (1211.SA), or Maaden , said Saturday it has secured $1 billion commercial bank financing for its aluminium joint venture with U.S.-based Alcoa Inc. (AA).
The loans period will be 16 years and they will be paid in 21 half-yearly installments starting from June 30, 2017, Maaden said in a statement posted on the Saudi bourse website. The company did not name the lenders or disclose any other terms of the loans.
Last month, Maaden said it got a $1 billion loan from the Saudi government's Public Investment Fund , or PIF , to help finance the joint venture, known as Maaden Bauxite and Alumina Co., which is owned 74.9% by Maaden and 25.1% by Alcoa. It comprises a bauxite mine and an alumina refinery project worth about $3.61 billion.
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 planned complex will be the world's lowest-cost supplier of primary aluminum, alumina and aluminum products as well as the Middle East's first food-grade can-sheet rolling mill.
Operations at the smelter and rolling mill will begin in 2013, while the mine and refinery are expected to come online in 2014.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
02-07-11 0754GMT
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