Saudi Arabian Mining Co. — Capital/Financing Update 2011

Jun 22, 2011

Saudi Arabian Mining Company, Maaden announces PIF Board approves a loan for a second phase aluminum project

1211 · 22/06/2011 16:08:48 · Announcement #22051 · View on Saudi Exchange

Saudi Arabian Mining Company, Maaden announces PIF Board approves a loan for a second phase aluminum project

Further to the companys announcement on Tadawul on December 20, 2009, The Saudi Arabian Mining Company, Maaden today announced the approval of the Public Investment Funds Board of Directors for a US$1 billion loan to finance Maaden Bauxite and Alumina Company, which is owned 74.9% by Ma'aden and 25.1% by Alcoa.

Maaden Bauxite and Alumina Company consists of a bauxite mine and an alumina refinery with an approximate cost of US$3.605 billion and is the second phase of the US$10.8 billion Ma'aden Alcoa joint venture project. Sixty percent of the total cost of the second phase which is US$2.163 billion will be financed through the Public Investment Fund, Saudi Industrial Development Fund, and other financial institutions and commercial banks. The remaining US$ 1.442 billion will be financed by project partners, Maaden and Alcoa on the pro-rata bases. Further announcements regarding the projects financing will be made available in due time.

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