Ma’aden-Alcoa JV lands $1bn loan for mine, refinery
Saudi Arabian Mining Company, also known as Ma’aden, and Alcoa, the aluminium giant, have secured the funds for Ma’aden Bauxite and Alumina Company, which is 74.9% and 25.1% owned by the two companies, respectively.
The company will oversee the construction of a bauxite mine and an alumina refinery, which will cost $3.6 billion, part of the $10 billion Ma’aden-Alcoa joint venture project that will also see the construction of an aluminium smelter and rolling mill at Ras Az Zawr.
Construction work on the plant began last July. Ma’aden expects the smelter and rolling mill to be operational in 2013 with the mine and refinery coming on stream in 2014. Bauxite feedstock for the planned alumina refinery will be transported by rail from the new mine at Al Ba’itha, near Quiba, in the north of the kingdom.