DUBAI (Zawya Dow Jones)--Saudi Arabian Mining Co. (1211.SA), or
Maaden, said Monday it has awarded South Korea's Hyundai
Engineering & Construction Co Ltd. (000720.SE) a contract worth
$1.5 billion to build the alumina refinery for its joint venture
project with U.S.-based Alcoa Inc. (AA) in the kingdom.
The joint venture, known as Maaden Bauxite and Alumina Co., has
signed a letter of intent to award Hyundai E&C a contract to
build the alumina refinery, the company said in a statement posted
on the Saudi market website.
The duration of the contract will be 29 months from the date of
signing it, according to the statement.
Maaden Bauxite and Alumina Co. is owned 74.9% by Maaden and
25.1% by Alcoa and comprises a bauxite mine and an alumina refinery
project. It is the second phase of the $10.8 billion,
fully-integrated aluminum complex that Maaden is developing with
Alcoa, which will include an integrated alumina refinery, aluminum
smelter and rolling mill at Ras Al Khair on Saudi's eastern coast
on the Persian Gulf.
Maaden added Monday that a contract--related to the alumina
refinery--previously awarded to the joint venture of Fluor Corp.
(FLR) and Worley Parsons Ltd. (WOR.AU) has now been amended to be
limited to project management.
The alumina refinery is part of Maaden Aluminum Complex at Ras
Al Khair in the Eastern Province with an annual production capacity
of 1.8 million tons.
-By Iman Dawoud; Dow Jones Newswires;+971 444 1693;
iman.dawoud@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
