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.
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