Ma'aden's $1b bauxite refinery gets financing pledge

The Saudi Arabian Mining Co (Ma'aden) has received commitment letters to cover the required $1bn commercial bank financing for the development of Ma'aden Bauxite and Alumina Co's bauxite mine and alumina refinery, Saudi Gazette has reported. The period of the loans is 16 years and will be paid in 21 half yearly installments starting from June 30, 2017, Ma'aden said. The bauxite mine and alumina refinery development, with an approximate cost of $3.6bn, comprises the second phase of Ma'aden Alcoa joint venture aluminium project.