(MENAFN) Saudi Arabian Mining Co. (Maaden) has won a USD320 million loan from the Saudi Industrial Development Fund (SIDF) to finance the development of the first phase of an aluminium joint venture with Alcoa, Arab News reported.
The company said that SIDF has agreed to grant the loan in two equal tranches. The first tranche will go to Maaden Aluminium Co., while the second will go to Maaden Rolling Mill Co, a joint venture with Alcoa.
The loans are to be repaid over six years in two yearly instalments, with the first loan repayment to start in February 2015, the company said.
The second loan repayment is scheduled to start in January 2016, Maaden added.
The company added in a statement posted on the website of the Saudi bourse, that the agreements completed financing requirements for the project.
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