Saudi Arabian Mining Co., the
state-controlled company that has a joint venture with Alcoa
Inc. (AA), said it is in talks with banks to obtain a 7 billion-riyal
($1.9 billion) Islamic loan.
“The company is in the process of consultation with a
number of banks with the intention to obtain medium-term
murabaha financing which will not exceed 7 billion riyals,” the
company also known as Maaden said in a statement to the Saudi
bourse today. “The purpose of this funding is to finance the
company’s investments in future projects.”
To contact the reporter on this story:
Shaji Mathew in Dubai at
shajimathew@bloomberg.net
To contact the editor responsible for this story:
Dick Schumacher at
dschumacher@bloomberg.net