Saudi Arabian Mining Company, Maaden, announced that Public Investment Funds (PIF) has approved a $1 billion loan for a second phase aluminum project.
According to a statement, the loan will finance the Maaden Bauxite and Alumina Company, which is owned 74.9 percent by Maaden and 25.1 percent by Alcoa.
Maaden Bauxite and Alumina Company consists of a bauxite mine and an alumina refinery with an approximate cost of $3.605 billion. This is the second phase of the $10.8 billion Maaden Alcoa joint venture project.
Sixty percent of the total cost of the second phase, which is $2.163 billion, will be financed through the Public Investment Fund, Saudi Industrial Development Fund, and other financial institutions and commercial banks.
The remaining $1.442 billion will be financed by project partners, Maaden and Alcoa on a pro-rata basis.
Further announcements, regarding the projects financing will be made available in due time, according to a statement.
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