Maaden signs MoUs with Alcoa, Mosaic on projects worth SAR 37 bln

At the Saudi-US CEO Forum in Riyadh on Saturday Saudi Arabian Mining Co. (Maaden) signed memorandums of understanding (MoUs) worth SAR 37 billion with the US-based Alcoa Corp and Mosaic to tap the potential of Saudi Arabia’s mining sector.

Maaden and Alcoa agreed to assess the feasibility of expanding a smelting capacity in their joint aluminum production complex at Ras Al-Khair Industrial City, according to a statement on Maaden’s website. 

Investments in the company’s aluminum segment are expected to reach nearly SAR 13 billion, Maaden’s chief executive officer, Khalid Al-Mudaifer, the Saudi Press Agency (SPA) reported.

When the planned expansion is completed, Maaden’s aluminum output would stand at 60,000 metric tons annually by 2021, which would result in providing over 3,000 direct and indirect job opportunities.

Meanwhile, Maaden and Mosaic inked an MoU to develop their strategic partnership in phosphate industry, with the Saudi mining firm close to completing construction of the Ma'aden Wa'ad Al Shammal Phosphate project.

Al-Mudaifer said that the new project will likely cost SAR 24 billion.

He added that the new partnership would contribute SAR 9 billion to the Kingdom’s gross domestic product and would also provide 7,000 jobs.