Alcoa cuts stake in Saudi alum JV project -partner

* username: rupertbu

Alcoa (AA.N) has cut its stake in a planned $10.8 billion aluminium complex in Saudi Arabia by more than a third, its partner said on Saturday, the second time a foreign partner has reviewed its position in the plan.

State-run Saudi Mining Co (Maaden) (1211.SE), the main stakeholder in the project, called Alcoa's stake cut to 25.1 percent from 40 percent "a rejig" in the joint venture project. Maaden's statement gave no further details.

The move raises the prospect of a cash injection by the Saudi government in the project, crucial to the kingdom's efforts to diversify the economy away from oil.