Maaden Bauxite and Alumina Company (MBAC) was incorporated on 22 January 2011 in the Kingdom of Saudi Arabia, which is also its principal place of business and is owned:
- 74.9% by Saudi Arabian Mining Company (Ma’aden) and;
- 25.1% by AWA Saudi Limited (AWA), a foreign shareholder, which became wholly-owned by Alcoa upon its completion of the Alumina Limited acquisition On August 1, 2024.
MBAC is the joint venture, which holds the mine and refinery. Ma’aden Aluminium Company (MAC) is the joint venture, which holds the smelter.
On September 15, 2024, Alcoa entered into a share purchase and subscription agreement with Ma’aden, pursuant to which Alcoa agreed to sell its full ownership interest of 25.1% in the Saudi Arabia joint venture, comprised of MBAC and MAC, to Ma’aden. The transaction is subject to regulatory approvals, approval by Ma’aden’s shareholders, and other customary closing conditions and is expected to close in the first half of 2025.
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