Saudi Arabian Mining Company (Ma'aden), the region's largest multi-commodity metals and mining company, has agreed to acquire SABIC's 20.62% share in Aluminium Bahrain (ALBA), the company said in a statement.
This move is part of Ma'aden's broader strategy to pursue regional growth opportunities across its business, it said.
According to the statement, the acquisition is a key element of Ma'aden's expansion plans, which aim to increase the company's aluminium business tenfold by 2040. This ambitious growth strategy highlights the pivotal role of aluminium in Ma'aden's future development.
The announcement follows recent news that Ma'aden and Aluminium Bahrain (ALBA) have signed non-binding Heads of Terms to explore the potential creation of a major global aluminium entity in the region.
Ma'aden has also revealed its plans to consolidate its aluminium operations through a Share Purchase and Subscription Agreement with its long-term partner, Alcoa. Under this agreement, Alcoa's shares in Ma'aden Aluminium Company (MAC) and Ma'aden Bauxite and Alumina Company (MBAC) will be exchanged for shares in Ma'aden.
"As we continue to grow, acquiring shares in a well-established regional and global aluminium player strongly supports our ambitions,” said Ma'aden CEO Bob Wilt.
“This week, we have announced several transactions that align with our strategic intent to strengthen and expand our business regionally and internationally, further developing mining as the third pillar of the Saudi economy,” he added.
