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FINANCIAL NEWS
Maaden-Alcoa JV begins work on aluminum plant
20 Jun 2010
(MENAFN) A statement issued by Saudi Arabian Mining Co (Ma’aden) said that its $10-billion joint venture with US-based Alcoa has started work on a plant that would be the world’s largest fully integrated aluminum complex, Reuters reported.
The Maaden-Alcoa joint venture will begin by developing a fully integrated industrial complex, consisting of a bauxite mine at Ba’aitha and an alumina refinery, aluminum smelter and rolling mill at Ras Al-Zour, the statement said.
Ken Wisnoski, a senior Alcoa executive, said that groundbreaking has now officially started to pave the way for construction of the smelter and rolling mill that will serve the packaging and other industries.
He said that this plant aims to become the world’s ‘lowest-cost supplier of primary aluminum, alumina and aluminum products. Wisnoski added that the plant will also be the Middle East’s first food-grade can sheet rolling mill.
The smelter and rolling mill is to commence operations in 2013 with the mine and refinery expected to come on-stream in 2014, the statement said.
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