Ma’aden starts trial operation of its alumina refinery on Dec 19

Saudi Arabia Mining Company, Ma”aden, started trial operation of its alumina refinery of its subsidiary, Ma’aden Bauxite and Alumina Company, on Dec 19, 2014, the company said in a statement to the Saudi bourse, Tadawul.

The production will gradually increase to reach a full-capacity of 1.8 million metric tons of alumina a year. The financial impact will be reflected after the commercial operation had started, it added.

Maaden Bauxite and Alumina Company is 74.9 percent owned by Maaden and 25.1% owned by Alcoa Inc, the world’s third largest aluminum maker.

In 2012, Ma’aden signed a SAR 5.6 billion contract with Hyundai Engineering to build the alumina smelter in Ras al-Khair.

Ma’aden is 50 percent owned by  the Public Investment Fund (PIF). The General Organization for Social Insurance (GOSI) and Public Pension Agency (PPA) each owns 9.6 percent, 7.4 percent stake respectively.