Saudi Arabian Mining Company (Ma’aden), the region’s largest metals and mining firm, has announced the acquisition of SABIC’s 20.62% stake in Aluminium Bahrain (ALBA).
This acquisition aligns with Ma’aden’s strategy to enhance regional growth opportunities. It is a significant part of their expansion plans aimed at increasing their aluminium business tenfold by 2040, underscoring aluminium’s importance in their future growth.
Recently, Ma’aden and ALBA signed non-binding Heads of Terms to explore creating a major global aluminium entity in the region.
Additionally, Ma’aden plans to consolidate its aluminium operations through an agreement with long-term partner Alcoa. This will involve exchanging Alcoa’s shares in Ma’aden Aluminium Company (MAC) and Ma’aden Bauxite and Alumina Company (MBAC) for shares in Ma’aden.
“Acquiring shares in a well-established aluminium player supports our growth ambitions,” said Ma’aden CEO Bob Wilt. He added that recent transactions align with their strategy to strengthen and expand regionally and internationally, positioning mining as a key pillar of Saudi Arabia’s economy.