Saudi Arabian Mining Co., the state-controlled company that has a joint venture with Alcoa Inc. (AA), said it is in talks with banks to obtain a 7 billion-riyal ($1.9 billion) Islamic loan.
“The company is in the process of consultation with a number of banks with the intention to obtain medium-term murabaha financing which will not exceed 7 billion riyals,” the company also known as Maaden said in a statement to the Saudi bourse today. “The purpose of this funding is to finance the company’s investments in future projects.”
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