Alcoa has entered into an agreement to sell its 25.1% ownership stake in the Ma'aden Joint Venture to Saudi Arabian Mining Company (Ma'aden) for approximately $1.1 billion. The transaction consideration includes 86 million Ma'aden shares valued at $950 million and $150 million in cash. The carrying value of Alcoa's investment was $545 million as of June 30, 2024.Under the agreement terms, Alcoa will hold the Ma'aden shares for a minimum of three years, with one-third becoming transferable after each of the third, fourth, and fifth anniversaries of closing. During this holding period, Alcoa will be permitted to hedge and borrow against these shares. Post-transaction, Alcoa would own approximately 2% of Ma'aden's current shares outstanding.The transaction, which simplifies Alcoa's portfolio and enhances investment visibility in Saudi Arabia, is subject to regulatory approvals and Ma'aden's shareholder approval. The deal is expected to close in the first half of 2025. 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 stake in the Ma'aden Joint Venture to Saudi Arabian Mining Company (Ma'aden) for approximately $1.1 billion. The transaction consideration includes 86 million Ma'aden shares valued at $950 million and $150 million in cash. The carrying value of Alcoa's investment was $545 million as of June 30, 2024.Under the agreement terms, Alcoa will hold the Ma'aden shares for a minimum of three years, with one-third becoming transferable after each of the third, fourth, and fifth anniversaries of closing. During this holding period, Alcoa will be permitted to hedge and borrow against these shares. Post-transaction, Alcoa would own approximately 2% of Ma'aden's current shares outstanding.The transaction, which simplifies Alcoa's portfolio and enhances investment visibility in Saudi Arabia, is subject to regulatory approvals and Ma'aden's shareholder approval. The deal is expected to close in the first half of 2025. The joint venture, established in 2009, comprises the Ma'aden Bauxite and Alumina Company and the Ma'aden Aluminium Company.