Alcoa (NYSE:AA) Partner Ma’aden Secures $4.5 Billion in Financing

The board of directors of Saudi state metals producer Ma'aden, approved of $4.5 billion in financing for their joint venture project with Alcoa (NYSE:AA). This should cover the first phase of construction of the project.

About 60 percent of the needed capital for this stage of the project is reflected in the $4.5 billion, with the total cost coming in at $7.5 billion.

Overall costs for the entire project are estimated at $10.8 billion.

Alcoa owns a 25.1 percent stake in the project, while Ma'aden owns the other 74.9 percent.