Details of the financing structure for the Saudi Arabian Mining Company (Maaden) aluminium smelter have emerged as it gets closer to being launched to the bank market.

The financing for the $5bn smelter will be split between:

• $1.8bn equity
• $1.4bn commercial bank loan
• $300m loan from French export credit agency Coface
• $1.3bn from the local Public Investment Fund (PIF)
• $300m from the Saudi Industrial Development Fund (SIDF)

In addition a further around $2.5bn will be raised for the rolling mill. This will be made up of:

• $1.3bn equity
• $160m from SIDF
• $1bn from PIF
• $100m from Saudi banks

The RFP for the Maaden deal is expected to be issued to banks on 1 May.

In total, the Maaden aluminium complex is expected to cost $10.8bn and will include:

• A bauxite mine with an initial capacity of 4 million tonnes a year (t/y).
• An alumina refinery with an initial capacity of 1.8 million t/y.
• An aluminum smelter with an initial capacity of ingot, slab and billets, of 740,000 t/y.
• A rolling mill, with initial hot-mill capacity of between 250,000 and 460,000 t/y.