Saudi Arabian Mining Company (Maaden) is to launch the financing for the second phase of its $10.8bn aluminium project in the first quarter of 2011, following the conclusion of funding for the first phase of the project in late 2010, Meed has reported. The second phase will include a bauxite mine and an alumina refinery and is expected to cost up to $4bn. Phase one included an aluminium smelter and a rolling mill. The project is a joint venture of Maaden and the US-based Alcoa.