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FINANCIAL NEWS
Saudi Maaden, Hyundai sign USD1.5b alumina refinery deal
28 May 2012
(MENAFN) Saudi Arabian Mining Co (Maaden) stated that it inked a USD1.5 billion deal with Hyundai Engineering & Construction Co. to set up an alumina refinery at Saudi Ras Al Khair, reported Arabian Business.
Maaden said that the refinery, which is expected to complete in end of 2014, will have an output capacity of 1.8 million metric tons of smelter-grade alumina per year.
The state-controlled company added that the agreement was signed by its joint venture with Alcoa Inc.
It is worth noting that Maaden plans to invest USD6.93 billion in its projects in Ras Al Khair and Waad Al Shamal.
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