Loan deals worth $1.9 billion have been signed by Alcoa (NYSE:AA) and Ma'aden in order to further their work on the giant aluminum project in Saudi Arabia.
This is in addition to the already-secured $2.6 billion in financing from the Saudi Public Investment Fund and the Saudi Industrial Development Fund for the first phase of development.
The two companies have entered into a contract to develop a $10.8 billion industrial complex to sell to the region and international markets.
A key part of the project is a huge bauxite mine in Qassim, which has the capacity to produce up to 4 million metric tons.
Financing for the second phase of the project is expected to start up soon.
Showing posts with label Bauxite. Show all posts
Showing posts with label Bauxite. Show all posts
Tuesday, November 30, 2010
Monday, November 29, 2010
Alcoa (NYSE:AA) Expanding Bauxite Production at Juruti Mine
Alcoa Inc. (NYSE:AA) says it has plans to increase bauxite production at its Juruti mine in the Amazon in 2011.
Production at the mine began in June 2009, with the capacity to product 2.6 million tons of bauxite a year. After the immediate expansion, expectations are production will increase to 3.3 million metric tons a year in the short term.
As studies continue on, expansion in the long term should result in capacity at Juruti reaching 6 million tons of bauxite a year, according to Juruti's geological expert Clodoaldo Castro
Alcoa closed Friday at $13.17, dropping $0.14, or 1.05 percent.
Production at the mine began in June 2009, with the capacity to product 2.6 million tons of bauxite a year. After the immediate expansion, expectations are production will increase to 3.3 million metric tons a year in the short term.
As studies continue on, expansion in the long term should result in capacity at Juruti reaching 6 million tons of bauxite a year, according to Juruti's geological expert Clodoaldo Castro
Alcoa closed Friday at $13.17, dropping $0.14, or 1.05 percent.
Tuesday, November 9, 2010
Alcoa (NYSE:AA) Bills Jamaica $31 Million for Bauxite
Alcoa (NYSE:AA) as billed the Jamaican government $31 million in relationship to the bauxite deal made with the government in 2001.
How the deal works is the forward sale agreement allows Alcoa to charge more money if the cost of producing bauxite is more than the price they agreed upon.
That has been the case, and Alcoa, which is the majority partner of Jamalco, has sent the government of Jamaica the bill, which they are struggling to find the capital to pay.
With the Jamaican government experiencing a financial crisis like many areas of the world, they're attempting to work out a deal with Alcoa.
Prime Minister of Jamaica, Bruce Golding, commented, "I said we're going to pay half of it now but we're going to need some more time to pay the other half. US$31 million is more than J$2.5 billion (US$23.6 million)."
How the deal works is the forward sale agreement allows Alcoa to charge more money if the cost of producing bauxite is more than the price they agreed upon.
That has been the case, and Alcoa, which is the majority partner of Jamalco, has sent the government of Jamaica the bill, which they are struggling to find the capital to pay.
With the Jamaican government experiencing a financial crisis like many areas of the world, they're attempting to work out a deal with Alcoa.
Prime Minister of Jamaica, Bruce Golding, commented, "I said we're going to pay half of it now but we're going to need some more time to pay the other half. US$31 million is more than J$2.5 billion (US$23.6 million)."
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