Saudi Maaden Unit Obtains 3.7 Billion Riyals Bank Financing

Saudi Arabian Mining Co., the state- run producer known as Ma’aden, said its unit obtained financing valued at 3.72 billion riyals to develop the second phase of an aluminum project with Alcoa Inc. (AA)

The loan agreements were signed with 13 local and international banks and will be paid in 21 semi-annual installments starting 2017, the company said in a statement to the Saudi bourse today. The total cost of the second phase of Maaden Bauxite and Alumina Co.’s project is estimated 13.45 billion riyals, it said.

Financing agreements for 4.35 billion riyals will be completed later with the state-run Public Investment Fund and Saudi Industrial Development Fund, it said. The remaining 5.38 billion riyals will be financed by Maaden and Alcoa on a pro- rata basis, according to the statement.

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Inal Ersan at iersan@bloomberg.net

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