Saudi Arabian Mining Company (Maaden) has said its subsidiary, Maaden Bauxite and Alumina Company, has signed a financing agreement with Saudi Industrial Development Fund (SIDF) for the second phase of its aluminium project.

The financing agreement is for a total amount of SR900 million ($240 million), a report said.

The loan will be repaid in 15 semi-annual unequal repayments starting from July 9, 2017 and will continue for seven and a half years, it stated.

Shareholders financial guarantee and the pledge of the assets of Maaden Bauxite and Alumina Company are provided to SIDF.

With this agreement, the financing of the phase two of the project is completed and any material developments will be announced in due time, said the statement. - TradeArabia News Service