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FINANCIAL NEWS
Alcoa, Maaden grant contracts for aluminum JV
03 May 2010
(MENAFN) Alcoa and Saudi Maaden awarded first contracts for a planned $10.8 billion aluminum joint-venture between the two companies to Swiss-based ABB, US-based Fluor Corp and WorleyParsons, Reuters reported.
According to a statement issued by Maaden, which is also known as the Saudi Arabian Mining Co, the contracts awarded are related to the construction of the integrated aluminum complex at Ras Azzour. But the statement did not disclose the value of the contracts.
WorleyParsons and Fluor had the contracts of supervision, engineering and procurements for the complex’s alumina refinery that is planned to be completed by December 2014.
Ras Azzour is the biggest of the investments that Maaden has pledged to deliver in 2008 when it raised $2.47 billion in an IPO that was open only to Saudi investors. Saudi Arabia’s three biggest state funds together own 64 percent of Maaden’s capital.
Alcoa and Maaden are splitting the Ras Azzour plant financing into two between the smelter, which is estimated to total $5 billion and the rolling mill which would amount for $2.5 billion.
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