AS&H Clifford Chance advises Saudi Arabian Mining Company (Ma’aden) on the acquisition of 25.1% of Ma’aden Aluminium Company (MAC) and Ma'aden Bauxite Alumina Company (MBAC) from Alcoa Corporation's Affiliates
03 July 2025
AS&H Clifford Chance has advised Ma’aden on the acquisition of an additional 25.1% stake in each of MBAC and MAC from Alcoa Corporation affiliates in exchange for a cash payment of SAR 562.5 million and the issuance of new shares in Ma'aden to Alcoa Corporation affiliates representing approximately 2.26% of Ma'aden's entire issued share capital. A sale, purchase and subscription agreement was executed in respect of the transaction on 15 September 2024, and subsequently the transaction received the approval of Ma’aden’s shareholders at an extraordinary general meeting on 24 June 2025 with respect to the capital increase of Ma'aden and completed on 01 July 2025.
This acquisition marks a significant step forward in Ma'aden's strategy to strengthen its position in the aluminium sector and Saudi Arabia’s broader mining ecosystem. Full ownership of MAC and MBAC will enhance Ma'aden's operational efficiency and open new avenues for value creation.
The transaction further supports Ma'aden's continued growth ambitions to grow 10x by 2040 and the Kingdom's ambition to make mining the third pillar of its national economy as set out in Vision 2030, with Ma'aden's aluminium business being a core contributing factor to that strategy.
The team advising Ma’aden was led by Partners Mansoor Alhagbani and Omar Rashid, Senior Associates Muhammad Ansab and Haifa Al Damegh, and Associate Noura Al Assaf. Counsel Selman Ansari led on the Antitrust aspects of the transaction. The team also previously advised Ma'aden on strategic acquisitions in line with its growth strategy, including Ma'aden's acquisition of 25% of MWSPC from Mosaic which completed on 24 December 2024 and it's acquisition of 20.62% of Aluminium Bahrain from SABIC Industrial Investments Company which completed on 19 February 2025.