Saudi Arabian Mining Company (Maaden) received bank commitments of about $4bn for the $1bn bank tranche to finance the next stage of its aluminium project.

Commitment letters are due to be sent to banks by the 25 June giving details of pricing of the loan. The bank group is expected to be predominately local lenders, although international banks, including the UK’s Standard Chartered and France’s BNP Paribas, are understood to have responded with lending proposals for the deal.

Maaden is planning to raise a total of $3.6bn for the second phase of its aluminium complex, which will include the development of a bauxite mine and alumina refinery (MEED 20:06:11).

Standard Chartered and the local Riyad Bank are acting as financial advisers on the deal.