Nov 28 2011 |
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Saudi Maaden Says Secured $1B Financing For Alcoa JV
Monday, Nov 28, 2011
(This story was originally published Sunday.)
RIYADH (Zawya Dow Jones)--Saudi Arabian Mining Co. (1211.SA), or Maaden , said Sunday it had secured $1 billion in financing from the Public Investment Fund , or PIF , for its aluminium joint venture with U.S.-based Alcoa Inc. (AA).
The loan for the joint venture, known as Maaden Bauxite and Alumina Co., will be repaid in 21 semi-annual installments, Maaden said in a statement posted on the Saudi bourse website. The repayment will start June 30, 2017 and will be for a period of 16 years, it said.
The total cost of the second phase of the aluminium project is estimated to be 13.5 billion Saudi riyals ($3.6 billion).
The remaining portion of the total cost, about SAR5.4 billion, will be financed by Maaden and Alco on a pro-rata basis.
Maaden has previously said that 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
28-11-11 0336GMT
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