Alcoa Corporation has agreed to divest its 25.1% stake in the Saudi Arabian Mining Company (Ma’aden) for approximately $1.1 billion, which includes 86 million shares valued at $950 million and $150 million in cash. The joint venture, established in 2009, encompasses a bauxite mine and an aluminium smelter, contributing to the growth of the mining sector in Saudi Arabia. Alcoa's CEO, William Oplinger, indicated that this transaction simplifies their portfolio and enhances financial flexibility. The agreement stipulates a three-year holding period for Alcoa's Ma’aden shares, with portions becoming transferable after specific anniversaries. Ma’aden's CEO, Bob Wilt, expressed confidence in the future collaboration as they aim to strengthen the mining sector. The deal is subject to regulatory approvals and is expected to close in the first half of 2025.