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Kingdom of Saudi Arabia
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Kingdom of Saudi Arabia
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Contracts Signed to Start Work on Integrated Saudi Aluminium Industry

May 23, 2010

RIYADH, SAUDI ARABIA May 23, 2010 – The Ma'aden–Alcoa Joint Venture today signed three services contracts marking the start of work to construct the Kingdom’s aluminium industry.

The Ma’aden-Alcoa joint venture, agreed in December, is developing the most advanced integrated aluminum complex in the world, including a bauxite mine, alumina refinery, aluminum smelter and a can sheet rolling mill. Upon completion, this highly competitive facility will have significant expansion potential. First production from the aluminum smelter and rolling mill is anticipated in 2013, and first production from the mine and refinery is expected in 2014.

Three contracts were signed at today’s ceremony in Riyadh: an Engineering, Procurement and Construction Management (EPCM) contract for the bauxite mine and alumina refinery, was signed with a joint venture between Worley Parsons and Fluor Enterprise for SR758 million ($202 million). An EPCM contract worth SR664 million ($177 million) for the high-technology can sheet rolling mill, was signed with Fluor Enterprise.

Finally a contract encompassing overall project management consultancy services for the integrated aluminium project and also engineering and procurement services for the infrastructure of the Ras Az Zawr Aluminium complex was signed with Fluor Arabia. The value of the contract is SR278 million ($74 million).

“The signing of these contracts today confirms the commitment of both Ma’aden and Alcoa to create an integrated aluminium industry based on the Kingdom’s considerable resources including bauxite and energy,” commented Ma’aden President and CEO, Dr Abdallah Dabbagh. “The integrated nature of this project makes it unique and once completed, it will become a highly competitive long term supplier to both domestic and international markets.”

Ken Wisnoski, Alcoa’s President - GPP Growth, Energy, Bauxite & Africa said that the selection of contractors reflected the Joint Venture’s commitment to the development of a world class facility. “Competitive positioning begins with the quality of design and construction. We have chosen contractors with the experience and proven capability to deliver to us operational competitiveness, on time, within budget, and safely, as is befitting a super-project of this stature”

“The contracts signed today mark the start of mobilization to construct the Ma’aden-Alcoa aluminium industry in Saudi Arabia.” added Ma’aden’s VP Aluminium and Project Management, Abdullah Busfar. “This industry will contribute to the Kingdom’s strategic plan to create new careers for young Saudis and the transfer and localization of the latest technology. All this will be achieved in partnership with Alcoa and with experienced Saudi leadership.”

The $10.8 billion (SR40.5 billion) project will be completed in two phases, with the smelter and rolling mill due to come online in 2013 and the mine and refinery in 2014. The rolling mill will be the most technically advanced in the world and the only one in the Middle East capable of producing body, end and tab stock for aluminium beverage cans. It will be located at the Ras Az Zawr minerals industry complex on the East coast of Saudi Arabia where over 252km has been set aside for the development of downstream industries.

About Ma’aden

Ma'aden was established as a Saudi Arabian joint stock company in March 1997 to facilitate the development of Saudi Arabia’s non-petroleum mineral resources and to diversify the Kingdom’s economy away from the petroleum and petrochemical sectors. Ma’aden is engaged in the development, advancement and improvement of all aspects of the mineral industry, mineral products and by-products and related industries in Saudi Arabia. In July 2008 Ma’aden offered 50% of the company’s shares for subscription in a successful SR 9.25 billion IPO. Ma’aden has progressed towards realizing its vision of building a world class mineral enterprise and its mission of being a profitable, publicly owned, international mining company, while maintaining the utmost concern for human resources, health and safety, environmental and social issues.

Ma'aden is engaged in the development, advancement and improvement of all aspects of the mineral industry, mineral products and by-products and related industries in Saudi Arabia. The company is committed to the best international and local standards in environmental regulations and values its role in Corporate Social Responsibility.

Ma'aden has progressed towards realizing its vision of building a world class mineral enterprise and its mission of being a profitable, publicly owned, international mining company, while maintaining the utmost concern for human resources, health, safety, environmental and social issues.

About Alcoa

Alcoa is the world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa® wheels, fastening systems, precision and investment castings, and building systems. The Company has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland, and has been a member of the Dow Jones Sustainability Index for eight consecutive years. Alcoa employs approximately 63,000 people in 31 countries across the world. More information can be found at www.alcoa.com

Maaden

Aqeel Alonazi
Ma'aden Corporate Communications Department

T: +966 (0) 874-8045
E: alonaziam@maaden.com.sa

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