Saudi Arabian Mining Company "Ma'aden" announced yesterday that its subsidiary, Ma'aden Bauxite and Alumina Company, has signed a SR 3.75 Billion financing agreement with the Public Investment Fund (PIF) for the second phase of its aluminium project. Consisting of a bauxite mine at Al Ba'itha and an Alumina refinery at Ras Al Khair, the second phase of the project will cost SR 13.445bn. The PIF loan will be repaid over a period of 16 years starting in 2017. The project, a joint venture between Ma'aden (74.9%) and Alcoa (25.1%) is being built in two phases, both of which are now under construction. The first phase consists of an aluminium smelter and rolling mill, both situated at Ras Al Khair which will begin operating in 2013. The mine and refinery are due to come on stream in 2014. --MORE
