* Signs upsized 9 bln riyals Islamic loan - statement
* Facility runs for 5 yrs; helps fund future projects
(Adds detail, background)
DUBAI Dec 18 Saudi Arabian Mining Co (Maaden)
, which has an aluminium joint venture with Alcoa
, raised 9 billion riyals ($2.4 billion) through an
Islamic loan facility to help fund its future projects, it said
The murabaha-structured revolving credit facility has a life
of five years and was increased from the 7 billion riyals
initial target amount which the bank announced in June, Maaden
said in a bourse statement.
A murabaha is a sharia-compliant cost-plus-profit
In all, commitments from the banks covered the facility's
final amount by 2.5-times, the statement said.
Maaden runs Saudi Arabia's first aluminium smelter, in a
joint venture with U.S.-based Alcoa. The Saudi firm said late
last month the plant would not reach full capacity on schedule
due to power supply issues.
In March, Maaden outlined plans to add a new production
line, with a capacity of 100,000 tonnes per year, at its
aluminium joint venture to produce sheets used in the automotive
and construction industries.
The subscribing banks for Islamic loan were National
Commercial Bank, Samba Financial, Riyad Bank
, Banque Saudi Fransi, Saudi British Bank
(SABB), Al Rajhi, Bank Al Jazira,
J.P. Morgan Chase, Arab National Bank, Bank Al
Bilad, and Saudi Investment Bank.
Maaden's share price has risen 30.6 percent year-to-date,
outperforming the main Saudi index, which has gained 7.1
percent in 2012.
($1 = 3.7502 Saudi riyals)
(Reporting by David French; Editing by Dinesh Nair)