RioTinto of Britain is not in a position to finance its acquisition of 49% stakes in aluminum joint venture in Saudi Arabia which was expected to cost US$10 billion. This is because of global economy meltdown and credit crisis. The Saudi counterpart stated that Rio Tinto was unable to participate in capital of Madeen�s integrated aluminum projects.

According to the plans, Madeen had to hold remaining 51% stakes in capital of AlumCo. This was the company formed by Rio Tinto for development of 740,000 ton aluminum per annum smelter utilizing bauxite from mines of Saudi Arabia.