Further to the companys announcement on Tadawul on 14/01/1432H corresponding to 20/12/2010. Saudi Arabian Mining Company (Maaden) announces that its subsidiary Maaden Aluminum Company and Maaden Rolling Mill Company thats 74.9% owned by Maaden and 25.1% owned by Alcoa has signed today 30/11/1433H corresponding to 16/10/2012 financing agreements for the first phase of the Aluminum Project. The agreements signed with the Saudi Industrial Development Fund (SIDF) were as follows:
1-Financing agreement for the amount of US $160 million for Maaden Aluminum Company. The loans will be repaid in 12 semiannual installments and the repayment will start on 15/04/1436H corresponding to 05/02/2015 and will continue for six years. Shareholders financial grantee and the pledge of the assets of Maaden Aluminum Company are provided to SIDF
2-Financing agreement for the amount of US $160 million dollars for Maaden Rolling Mill company. The loans will be repaid in 13 semiannual installments and the repayment will start on 15/04/1437H corresponding to 26/01/2016 and will continue for six and a half years. Shareholders financial grantee and the pledge of the assets of Maaden Rolling Mill Company are provided to SIDF
With this agreements, the financing of the phase one of the project is completed.
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