Alcoa and Ma'aden Complete Aluminum Project Financing Agreements

Alcoa

and The Saudi Arabian Mining Company, Ma'aden, announced the signing of financing agreements by Ma'aden Bauxite and Alumina Company, the second phase of the US$10.8 billion Ma'aden Alcoa fully integrated aluminum joint venture. “This is fundamentally attributable to the strong relationships developed among the partner teams on every facet of the project, from safety on site, commitment to schedule and budget, to financing locally and internationally. This project truly represents a commitment to excellence throughout.” The agreements consisting of conventional and Islamic allocations totaling $991.5 million were signed with 13 local and international banks including National Commercial Bank, Riyadh Bank, Saudi French Bank, Al Rajhi Bank, SAMBA Financial Group, Al Inma Bank, Arab National Bank, Saudi British Bank, Bank AlJazira, Saudi Hollandi Bank, Saudi Investment Bank, Emirates Bank and Export Development Canada. Ma'aden Bauxite and Alumina Company is owned 74.9% by Ma'aden and 25.1% by Alcoa and consists of a bauxite mine and an alumina refinery with an approximate cost of $3.6 billion. Sixty percent of the total cost of the second phase ($2.15 billion) is financed through the Public Investment Fund, Saudi Industrial Development Fund, financial institutions and commercial banks while the remainder ($1.43 billion) will be financed through the project partners, Ma'aden and Alcoa in line with their project ownership ratios.