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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Arabian Mining Company (Ma'aden)    1211   SA123GA0ITH7

SAUDI ARABIAN MINING COMPANY (MA'ADEN)

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Exclusive: Saudi Arabia's Ma'aden asks banks to refinance nearly $3 billion of debt - sources

09/06/2017 | 10:01am EST
Khalid al-Mudaifer, chief executive of Saudi Arabian Mining company (Maaden) attends an interview with Reuters at the company’s headquarters in Ras Al Khair

DUBAI (Reuters) - Saudi Arabian Mining Co (Ma’aden) (>> Saudi Arabian Mining Company (Ma'aden)), the Gulf's largest mining company, has asked banks to submit proposals for a loan which would refinance some $2.88 billion of existing debt, sources familiar with the matter said on Wednesday.

DUBAI (Reuters) - Saudi Arabian Mining Co (Ma’aden) (>> Saudi Arabian Mining Company (Ma'aden)), the Gulf's largest mining company, has asked banks to submit proposals for a loan which would refinance some $2.88 billion of existing debt, sources familiar with the matter said on Wednesday.

It sent a request for proposals to banks last week and the banks have until the end of September to respond, the sources said.

The facility would be the largest corporate loan out of Saudi Arabia since 2015, according to Thomson Reuters data.

The state-controlled miner is raising the financing for Ma'aden Aluminium, an integrated aluminium facility. France's BNP Paribas and Saudi Arabia's National Commercial Bank are coordinating the fundraising, which could be completed by the end of the year, one of the sources said.

Ma'aden and BNP Paribas declined to comment, while NCB did not respond to requests for comment.

Ma'aden raised the original financing for its aluminium project, a joint venture between Ma'aden and U.S. aluminium giant Alcoa (>> Alcoa Corp), in 2010.

At that time the company obtained a $1.9 billion loan from 16 financial institutions to back Ma'aden Aluminium Co and Ma'aden Rolling Co, both owned by Ma'aden with 74.9 percent stakes and Alcoa with 25.1 percent.

In December of that same year, Ma'aden also obtained a $2.12 billion loan from the Saudi Arabian government's Public Investment Fund to finance the first phase of the project.

The loan that Ma'aden is now seeking would refinance the aluminium company's entire commercial debt, one of the sources said. It would be denominated in both U.S. dollars and Saudi riyals, and have tenors of seven and 10 years.

The company has approached both local and international banks for the loan, which would be closer to a corporate finance facility than to the original project financing arrangement, the same source added.

The aluminium project will eventually become the largest aluminium complex in the world, employing more than 3,000 people, according to Ma'aden.

Under reform plans designed to diversify the economy beyond oil exports, the Saudi government plans to more than triple the mining industry's contribution to gross domestic product by 2030, making Ma'aden a major player in the reforms.

(Editing by Andrew Torchia and Louise Heavens)

By Davide Barbuscia and Katie Paul

Stocks treated in this article : Saudi Arabian Mining Company (Ma'aden), Alcoa Corp

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
BNP PARIBAS 1.30% 43.87 Real-time Quote.-17.92%
LINE CORPORATION 0.19% 5380 End-of-day quote.0.56%
SAUDI ARABIAN MINING COMPANY (MA'ADEN) -0.60% 41.2 End-of-day quote.-7.21%
WORLD CO., LTD. -0.97% 1324 End-of-day quote.-50.80%
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More news
Financials
Sales 2020 17 469 M 4 658 M 4 658 M
Net income 2020 -645 M -172 M -172 M
Net Debt 2020 44 088 M 11 756 M 11 756 M
P/E ratio 2020 -78,5x
Yield 2020 -
Capitalization 50 700 M 13 519 M 13 519 M
EV / Sales 2020 5,43x
EV / Sales 2021 5,12x
Nbr of Employees -
Free-Float 32,8%
Chart SAUDI ARABIAN MINING COMPANY (MA'ADEN)
Duration : Period :
Saudi Arabian Mining Company (Ma'aden) Technical Analysis Chart | 1211 | SA123GA0ITH7 | MarketScreener
Technical analysis trends SAUDI ARABIAN MINING COMPANY (MA'ADEN)
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 9
Average target price 34,89 SAR
Last Close Price 41,20 SAR
Spread / Highest target 18,9%
Spread / Average Target -15,3%
Spread / Lowest Target -46,6%
EPS Revisions
Managers
NameTitle
Mosaed bin Sulaiman Al-Ohali Chief Executive Officer
Yasir bin Othman Al-Rumayyan Non-Executive Chairman
Khaled Al-Khattaf Chief Financial Officer & Senior Vice President
Khalid bin Saleh Al-Mudaifer Non-Executive Director
Sulaiman Abdulrahman Al-Gwaiz Deputy Chairman
Sector and Competitors