On September 15, 2024, Alcoa Corp., a leading aluminum producer in the US, said it has signed a binding share purchase and subscription agreement with Saudi Arabian Mining Company (Ma'aden) to sell a 25.1% interest in the Ma’aden Joint Venture for around US$1.1 billion.

The transaction comprises about 86 million shares of Ma’aden and US$150 million in cash.

The Ma’aden Joint Venture, formed in 2009, is a fully integrated mining complex in Saudi Arabia. Alcoa currently holds 25.1% of the joint venture and Ma’aden holds the remaining 74.9%.

The transaction, which is subject to regulatory approvals, Ma’aden shareholder approval, and other customary closing conditions, is expected to close in the first half of 2025.