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Rio Posted: Mon, 12 May 2008 [miningmx.com] -- - State-owned Saudi Arabian Mining Co (Maaden) plans to raise 9.25 billion riyals ($2.47 billion) in an initial public offering in July, valuing the firm at $4.9 billion, the kingdom's bourse regulator said on Monday, according to a Reuters report. Maaden is a partner in an aluminium venture with Rio Tinto Alcan. Canada's Alcan -- before it was taken over by Rio Tinto -- and Maaden agreed last April to develop what would be one of the world's largest aluminium-making projects at a cost of $7 billion. That includes a smelter, an alumina refinery and a power station. Maaden will offer Saudi institutional and individual investors 462.5 million of stock, equivalent to 50 percent of its share capital, at 20 riyals each, the Capital Market Authority said in a statement on the bourse website. The sale starts July 5 and ends July 14, it said.
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