Saudi Arabia is accelerating its metals and mining industry with three major deals in recent days. The Saudi Arabian Mining Co. (Maaden) announced the purchase of a 21% stake in Aluminium Bahrain B.S.C. from Saudi Basic Industries Corp. for over $1 billion. This move consolidates aluminum operations between Bahrain and Saudi Arabia, positioning Maaden as a significant shareholder.
Crown Prince Mohammed bin Salman aims to make mining and metals the “third pillar” of the Saudi economy under Vision 2030. Manara Minerals is acquiring international assets, including a 10% stake in Vale SA’s base metals business, while Maaden focuses on domestic growth.
Recent deals include Maaden buying out Alcoa Corp.’s stakes in two Saudi aluminum plants for $1.1 billion. Maaden then announced plans to merge its aluminum assets with Aluminium Bahrain B.S.C. (Alba), exchanging its aluminum, bauxite, and alumina units for shares in the combined entity.
The companies also plan to cross-list Alba shares on the Saudi stock exchange, pending regulatory approvals. Maaden CEO Bob Wilt stated these transactions align with their strategy to bolster the mining sector as a key economic pillar.
Maaden and Alba are now significant players in the global aluminum market, particularly in value-added products. The expanded entity would rank among the world’s largest aluminum producers.