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Ma’aden Alcoa Joint Venture Signs SR5.6 Billion Contract With Hyundai To Construct Alumina Refinery

May 27, 2012

Riyadh, New York 27th May 2012: The Ma’aden Alcoa aluminium joint venture announced today that it has signed a contract worth SR5.6 billion with Hyundai Engineering & Construction Co Ltd to construct its alumina refinery at Ras Al Khair in Saudi Arabia’s Eastern Province.

The contract includes completing detailed engineering, procurement, construction, pre-commissioning, commissioning assistance, start-up assistance and training services. The alumina refinery forms part of the fully integrated aluminium project under construction by project partners Ma’aden and Alcoa. The project also includes a bauxite mine at Al Ba’itha and an aluminium smelter and rolling mill, both at Ras Al Khair. The refinery will have an annual production capacity of 1.8 million metric tonnes of smelter-grade alumina and is scheduled for completion by the end of 2014.

"The signing of this contract represents another milestone in the development of the world’s largest, lowest-cost, fully integrated aluminium complex that will help make Saudi Arabia a major upstream player in the global aluminium industry. It also confirms our commitment to establishing strategic partnerships with leading international contractors having the proven experience and capability to build a world-class facility that we can be proud of,” said Engr. Khalid al Mudaifer, Ma’aden President and CEO. “The aluminium complex will produce a wide range of products suitable for further downstream manufacturing such as food grade can sheet, automotive heat-treated and non-heat-treated sheet, building and construction sheet and foil stock sheet," he added.

Engr. Abdullah Busfar, Chairman of the Board of Ma’aden Bauxite and Alumina Company said, “The construction of the refinery is expected to benefit from the same level of operational competitiveness and project management capability seen in the development of the smelter and rolling mill. With the key infrastructure facilities in place and using best in class technologies and operating practices, we are on track to build an industry that will create thousands of job opportunities for young Saudis and enable the development of downstream industries.”

Ken Wisnoski, President Alcoa Primary Products Growth said “This refinery will be equipped with the most advanced technologies available. Once on stream, will make a substantial contribution to the joint venture’s stature as a major producer. It will also firmly support Alcoa’s strategic optimization of our refining portfolio intended to deliver profitable growth in this critical upstream sector, and drive Alcoa’s position down the global refining cost curve.”

The plant will be the first alumina refinery in the Middle East. Designed for sustainable operation, it will also incorporate Alcoa’s technologically advanced natural water system to treat, recycle and conserve significant volumes of water.

For further information please contact:

Mr. Saleh Al Shubaili
Manager, External Communication and Branding

E: media@maaden.com.sa

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Mr. Saleh Al Shubaili

Manager, External Communication and Branding

media@maaden.com.sa

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