On September 18, 2024, the Saudi Arabian Mining Company (Ma'aden), the largest multi-commodity metals and mining company in the region, announced its agreement to acquire a 20.62% stake in Aluminium Bahrain (ALBA) from SABIC, pending the fulfillment of certain conditions. This acquisition is a crucial part of Ma'aden's broader strategy to pursue growth opportunities in the region.
The acquisition is integral to Ma'aden’s ambitious plans to increase its aluminium business by tenfold by 2040, underscoring the importance of aluminium in the company's future growth. This announcement follows recent developments where Ma'aden and ALBA signed non-binding Heads of Terms to explore the formation of a significant global aluminium entity in the region. Furthermore, Ma'aden has plans to consolidate its aluminium operations through a Share Purchase and Subscription Agreement with Alcoa, where shares in Ma'aden Aluminium Company (MAC) and Ma'aden Bauxite and Alumina Company (MBAC) will be exchanged for shares in Ma'aden.
Ma'aden's CEO, Bob Wilt, remarked that acquiring a stake in a well-established aluminium player aligns with the company’s growth ambitions. He emphasized that the recent announcements reflect Ma'aden’s strategic intent to strengthen its regional and international presence, thereby further enhancing the mining sector as a critical component of the Saudi economy.