Saudi Arabian Mining Company (Maaden), the region’s largest multi-commodity metals and mining company, has agreed to acquire SABIC’s 20.62% share in Aluminium Bahrain (ALBA), following the satisfaction of certain agreed conditions, as it continues to pursue regional growth opportunities across its business.

The transaction is indicative of Maaden’s continued growth and ambitions to grow 10x by 2040, with its aluminum business a core contributing factor to that strategy.

The announcement comes on the back of the news that Maaden and Aluminium Bahrain (Alba) have signed non-binding Heads of Terms to explore the potential to form a global aluminum powerhouse in the region. In addition, Maaden announced that it will consolidate its aluminum business and has entered into a Share Purchase and Subscription Agreement with long term partner, Alcoa. The agreement will see Alcoa’s share in both Maaden Aluminium Company (MAC) and Maaden Bauxite and Alumina Company (MBAC), be exchanged for shares in Maaden.

Bob Wilt, CEO, Maaden, said: “As we continue in our growth journey, the acquisition of shares in a highly experienced, well developed regional and global aluminum player firmly supports our ambitions. This week we have announced a number of transactions that align with our strategic intent to strengthen and expand our business both regionally and internationally, further building mining as the third pillar of the Saudi economy.”