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Ma’aden Approves Financing for Alcoa JV
June 29, 2010 – Saudi Arabia Mining Company (Ma’aden) approved $4.5 billion (SR16.88 billion) for financing the first phase of the aluminum smelter being developed with Alcoa, Inc. at Ras Azzour. The financing, which represents 60 percent of the total cost of the first phase, will come from local and foreign banks, as well as government development funds. Ma’aden’s board approved funding shortly after breaking ground on the project earlier this month.
The initial phase of the project will develop an industrial complex that will focus primarily on the production of sheet, end, and tab stock for the manufacture of aluminum cans with the potential for other products used within the construction industry. Construction will include a bauxite mine with an initial capacity of 4,000,000 metric tons per year (mt/y), an alumina factory with an initial capacity of 1,800,000 mt/y, and an aluminum smelter with initial hot-mill capacity between 250,000 and 460,000 mt/y. |
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