Maaden’s subsidiary signs alumina refinery contract with Hyundai worth SR 5.6 billion

Further to the companys announcement on Tadawul, on March 5th, 2012. The Saudi Arabian Mining Company Ma'aden announces that its subsidiary Maaden Bauxite and Alumina Company, which is owned by Maaden (74.9%) and Alcoa Company (25.1%), has signed /on Sunday 27th May 2012 (6/7/1433H) a contract with Hyundai Engineering & Construction Co Ltd. The contract worth SR 5,632 million (USD 1,502 million) is to construct alumina refinery at Ras Al Khair in Saudi Arabias Eastern Province. 
The contract includes completing detailed engineering, procurement, construction, pre-commissioning, commissioning assistance, start-up assistance and training services. The refinery will have an annual production capacity of 1.8 million metric tonnes of smelter-grade alumina and is scheduled for completion in end of 2014.