Dubai: Saudi Arabian Mining Company (Ma’aden) said its subsidiary Ma’aden Bauxite and Alumina Company (MBAC) refinanced loans totalling 7.75 billion riyals (Dh7.5 billion or $2.1 billion) on improved terms.
State-controlled Ma’aden said MBAC had agreed with the Public Investment Fund (PIF) to amend the terms of an existing 3.75 billion riyal loan provided by the kingdom’s sovereign wealth fund. Under the new arrangement, the loan, which has been reduced to 3.51 billion riyals through repayments, will have a maturity of 14 years, it said.
MBAC, which is 74.9 per cent owned by Ma’aden and 25.1 per cent owned by Alcoa, was set up in 2009 and is one of three ventures owned jointly by the companies through which Ma’aden carries out its aluminium operations.
