Ma’aden Buys Alcoa’s Stake in Its Aluminum Business

The Saudi Arabian Mining Co., Ma’aden, and Alcoa Corp., have reached an agreement where Ma’aden will buy Alcoa’s share in both Ma’aden Aluminium Co. (MAC) and Ma’aden Bauxite and Alumina Co. (MBAC) for $150 million in cash and newly issued Ma’aden shares equivalent to 2.21% of the company. Upon completion, Ma’aden will have full ownership and total operational and management control of MAC and MBAC.

Ma’aden said the development was a natural step in the growth of the company. “Ma’aden formed our joint venture with Alcoa in 2009, as part of our drive to develop a world class aluminum business,” said Bob Wilt, CEO of Ma’aden. “Now it’s time for our partnership to evolve. As we continue to grow our aluminum business, streamlining the management structure of this business is an important step forward for Ma’aden as we prepare for greater future growth and continue to build the mining sector as the third pillar of the Saudi economy.”

The transaction, which is expected to be completed in Q1 2025, is subject to customary closing conditions.

As featured in Womp 2024 Vol 10 - www.womp-int.com