UPDATE 1-Saudi-Alcoa JV signs $1.9 bln financing deals

* Maaden, Alcoa sign $1.9 bln financing deals for phase one

* Also gets $2.6 bln financing from govt funds

* Total financing of the phase one amounts to $4.5 bln

(Adds details)

RIYADH, Nov 30 (BestGrowthStock) – Saudi Arabia Mining Co (Maaden)
(1211.SE: ) and U.S. Alcoa (AA.N: ) signed financing deals worth 7.1
billion riyals ($1.9 billion) for the first phase of their joint
$10.8 billion aluminium project in the kingdom, Maaden said on

The Saudi Arabian miner said 16 local, regional,
international banks and financial institutions provided $1.9
billion in financing for the project.

It did not provide names but UAE-based Emirates NBD
(ENBD.DU: ), France’s BNP Paribas (BNPP.PA: ) and Standard Chartered
(STAN.L: ) as well as Canada’s Export Development Canada, took
part in the financing, sources said in July. [ID:nLDE66905]

Maaden and Alcoa through their jointly-owned units would
later sign financing deals worth around $2.6 billion with the
Saudi finance ministry’s Public Investment Fund (PIF) and
government-owned Saudi Industrial Investment Fund (SIDF).

This also covers the first phase of the project and brings
total financing of that phase to $4.5 billion, Maaden said in a
statement on the Saudi bourse website.

Maaden said in June that its board agreeed on the $4.5
billion financing plan for the first phase of the giant project.

It said at the time that this would cover 60 percent of the
cost of the first phase of the project while the rest of the
financing will be made by Maaden and Alcoa.[ID:nLDE65S1IP]

The joint venture started work on the project, which it said
will be the world’s largest fully integrated aluminium

The complex will include a bauxite mine and an alumina
refinery, aluminium smelter and rolling mill at Ras Az Zawr.

The smelter and the rolling mill are expected to begin
operations in 2013, while the mine and refinery are expected to
come on stream the following year.
(Reporting by Riyadh newsroom; Editing by Dinesh Nair)

UPDATE 1-Saudi-Alcoa JV signs $1.9 bln financing deals