Alcoa has entered into an agreement to sell its 25.1% ownership in the Ma'aden Joint Venture to Saudi Arabian Mining Company (Ma'aden) for approximately $1.1 billion. The transaction includes 86 million Ma'aden shares valued at $950 million and $150 million in cash. Alcoa's current investment has a carrying value of $545 million as of June 30, 2024.Under the agreement, Alcoa will hold the Ma'aden shares for a minimum of three years, with one-third becoming transferable after the third, fourth, and fifth anniversaries of closing. The deal is subject to regulatory and Ma'aden shareholder approvals, with an expected closing in the first half of 2025.The transaction aims to simplify Alcoa's portfolio in Saudi Arabia and provide greater financial flexibility. Post-transaction, Alcoa will own approximately 2% of Ma'aden's current outstanding shares. The joint venture, established in 2009, comprises the Ma'aden Bauxite and Alumina Company and the Ma'aden Aluminium Company.

Alcoa has entered into an agreement to sell its 25.1% ownership in the Ma'aden Joint Venture to Saudi Arabian Mining Company (Ma'aden) for approximately $1.1 billion. The transaction includes 86 million Ma'aden shares valued at $950 million and $150 million in cash. Alcoa's current investment has a carrying value of $545 million as of June 30, 2024.Under the agreement, Alcoa will hold the Ma'aden shares for a minimum of three years, with one-third becoming transferable after the third, fourth, and fifth anniversaries of closing. The deal is subject to regulatory and Ma'aden shareholder approvals, with an expected closing in the first half of 2025.The transaction aims to simplify Alcoa's portfolio in Saudi Arabia and provide greater financial flexibility. Post-transaction, Alcoa will own approximately 2% of Ma'aden's current outstanding shares. The joint venture, established in 2009, comprises the Ma'aden Bauxite and Alumina Company and the Ma'aden Aluminium Company.