Saudi Arabian Mining Co. (Ma'aden) said it is in talks with banks to obtain a SR7 billion ($1.9 billion) Islamic loan. “The company is in the process of consultation with a number of banks with the intention to obtain medium-term murabaha financing which will not exceed SR7 billion,” the company said in a statement to the Saudi bourse Saturday. “The purpose of this funding is to finance the company's investments in future projects.” Ma'aden said in March it plans to add a new production line, with a capacity of 100,000 tons per year, at its aluminum joint venture with US firm Alcoa to produce sheets used in the automotive and construction industries. It said financing for the project will be announced at a later date. The aluminum complex is owned 74.9 percent by Ma'aden and 25.1 percent by Alcoa. In February Ma'aden said it plans to invest SR21 billion in a phosphate project as part of a new industrial city in the north.
