Saudi Arabian Mining Co (Maaden) said on Sunday it signed with 13 local and international banks a 3.7 billion riyal ($991.5 million) facility for the second phase of its aluminum project.
The financing, signed by Maaden's subsidiary Maaden Bauxite and Alumina Company, is for the construction of the second phase of Maaden and Alcoa Inc 's $10.8 billion integrated smelter and rolling mill complex, the firm said in a bourse statement.
"The loans will be paid in 21 semiannual installments... and will be for the period of 16 years. Financing agreements for the remaining 4.35 billion riyals will be completed later with Public Investment Fund and Saudi Industrial Development Fund," the statement said.
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