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Saudi Mining Giant Maaden Buys Out JV Partner Alcoa
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Alcoa has communicated the reduction of capital in Alumina with the objective of "establishing the balance between the capital and the net worth of the company diminished as a result of accumulated losses".
Saudi mining giant Maaden buys out JV partner Alcoa
Alcoa had 25% stake in joint venture Paid $1.2bn in Ma’aden shares, plus cash Saudi giant’s net profit rose 58% in Q1 Maaden has bought out its partner in a mining joint venture, the US aluminium producer Alcoa. The Saudi listed company acquired Alcoa’s 25.1 percent stake after increasing its capital by 2.3 percent to SAR38.89 billion last month. The joint venture was created in 2009 as a fully integrated mining complex in Saudi Arabia. It compr…
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