Baker & McKenzie has advised Saudi Arabian Mining Company and Alcoa on their USD 7.5 billion aluminum smelter and rolling mill project at Ras Az Zawr in the Kingdom of Saudi Arabia.
The project, which will ultimately include a bauxite mine and alumina refinery at a total project investment of USD 10.8 billion is a joint venture between Maaden and Alcoa and the financing of the project includes USD 4.5 billion financing comprising conventional and Istisna'a and Ijara based facilities to be provided by regional and international banks that were signed on November 30th 2010 together with facilities to be entered into with the Public Investment Fund and the Saudi Industrial Development Fund.
Mr Ian Siddell, Banking and Finance Partner who led the Baker & McKenzie finance team said that "This is an exciting and ground breaking project for Ma'aden, Alcoa and the Kingdom of Saudi Arabia. Not only is this the first integrated aluminum project in Saudi Arabia it includes the development of the first rolling mill in the Gulf and is a significant step towards the diversification of the Saudi Arabian economy."
Mr Ian Siddell was assisted by Bahrain based partner, Gordon Prestige and associates Mr Mohamed Hassan, Mr Fatima Ghaith, Mr Omar Al Ansari and Mr Mai Abul in advising on the structure and documentation of the financing of the project including the documentation and negotiation of facility, intercreditor and security documents.
London based Mike Webster and Riyadh based Mr George Sayen were assisted by London based associates, Mr Mathew Bonner, Mr Peter Richardson and Mr Rhiannon Williams in advising on the project documents including JV construction, supply and off take agreements.
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