Saudi's Maaden: JV inks $1.5bn deal

Saudi Arabian Mining Co, the state-controlled company, said on Sunday its joint venture with Alcoa Inc signed a $1.5bn contract with Hyundai Engineering & Construction Co. The contract is to build an alumina refinery at Ras Al Khair in Saudi Arabia’s Eastern Province, the company, also known as Maaden, said in a statement to the Saudi bourse. 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. Saudi Arabian Mining Company said last month it was in talks with banks to obtain an Islamic loan of up to SR7bn ($1.9bn). In March, the company said it plans to invest SR26bn in its projects in Ras Al Khair and Waad Al Shamal, according to CEO Khalid Bin Saleh Al Mudaifer. The company plans to invest SR21bn to develop facilities for phosphate and other related products in Waad Al Shamal, and SR5bn in Ras Al Khair. From Arabian Business