The Saudi Arabian Mining Company announced that its subsidiary, Maaden Bauxite and Alumina Company has signed USD 1 billion financing agreement with the Public Investment Fund for the second phase of its aluminum project.
The Phase II which includes a bauxite mine at Al Baitha and an alumina refinery at Ras Al Khair will cost SAR 13.445 billion. The PIF loan will be repaid over a period of 16 years starting in 2017.
The project, JV between Maaden and Alcoa is being built in Phases II both of which are now under construction. The first phase consists of an aluminum smelter and rolling mill both situated at Ras Al Khair which will begin operating in 2013. The mine and refinery are due to come on stream in 2014.
Mr Mansour Al Mayman secretary general of the PIF said that "The Public Investment Fund concentrates on the development of different economic sectors to achieve the government's strategic objectives of expanding the Kingdom's industrial base, diversifying income and creating jobs for Saudi people. This financing clearly shows the Public Investment Fund's commitment to supporting sustainable industrial projects in Saudi Arabia."
Mr Khalid Al Mudaifer president and CEO of Maaden said that the signing of the financing agreement with the Public Investment Fund clearly shows the government's commitment to building Saudi Arabia's mining industry and bringing new technologies and industries to the Kingdom. The impact of this new industry will be highly significant in terms of job creation, regional development and economic diversification.
He said that the project team has made excellent progress to date and are dedicated to ensuring the highest standards are applied to every aspect of their work from day to day site safety to long term sustainability considerations.
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