Saudi Arabian Mining Co., the state- run producer known as Maaden, said its unit obtained $1 billion in financing from the government’s Public Investment Fund to develop the second phase of its aluminum project.
The loan will be repaid in 21 semi-annual installments and repayment will start in June 2017, the company said in a statement to the Saudi bourse today. The total cost of the second phase, which Maaden is developing with Alcoa Inc. (AA), is $3.56 billion.
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