Ma''aden, Alcoa to finance aluminium smelter, rolling firm

Saudi Arabian Mining Company Ma''aden and Alcoa announced that the Ma '' aden Aluminium Company and Ma''aden Rolling Company both of which are owned 74.9% by Ma''aden and 25.1% by Alcoa have signed part of the bank financing for the Middle East''s first fully integrated aluminium smelter and food-grade can-sheet rolling mill, in the Kingdom of Saudi Arabia.

In its initial phases, the joint venture will develop a fully integrated industrial complex, including: abauxite mine with an initial capacity of 4,000,000 metric tonnes per year, an alumina refinery with an initial capacity of 1,800,000 metric tonnes per year, an aluminium smelter with an initial capacity of 740,000 metric tonnes per year, and a rolling mill, with initial capacity of 380,000 metric tonnes per year. The mill will be the first in the Middle East and will be one of the most technically advanced mills in the world. First commercial production from smelter and mill is scheduled for early 2013. First production from the mine and refinery is set for early 2014. Alcoa will supply alumina to the smelter in the interim period.

Total capital investment in the joint venture is expected to be about SAR 40.5 billion (US$10.8 billion). Ma''aden holds 74.9% of the joint venture; Alcoa 25.1% with provisions in place to enable an increase to 40%. The companies will shortly commence the financing process for the mine and refinery, which constitute the second phase of the US$10.8 billion Ma''aden Alcoa joint venture.Air Max 95 VaporMax