Alcoa Inc. and the Saudi Arabian mining company Ma’aden said Sunday that their $10.8 billion aluminum joint venture signed financing agreements worth nearly a billion dollars.

Ma’aden Bauxite and Alumina Co.’s agreements with 13 local and international banks include a combination of conventional and Islamic allocations totaling $991.5 million, the companies said.

Alcoa owns 25.1 percent of Ma’aden Bauxite and Alumina, while Ma’aden owns the rest.

The project will include a bauxite mine with an initial capacity of 4 million metric tons per year, an alumina refinery with an initial capacity of 1.8 million metric tons per year, an aluminum smelter with an initial capacity of 740,000 metric tons per year and a rolling mill with initial capacity of 380,000 metric tons per year.

The first commercial production is scheduled for 2013.

The total capital investment in the joint venture is expected to be about $10.8 billion.