Ma'aden signs landmark aluminium agreements
Riyadh, Saudi Arabia, 1st March 2009: Ma'aden today announced the signing of two milestone agreements for its mine to metal aluminium project, sealing a Technology Transfer Agreement with Aluminium Pechiney and a Cooperation Agreement with Rio Tinto Alcan.
By signing the Technology Transfer Agreement with Aluminium Pechiney Ma'aden will acquire their AP37/39 smelter technology and will complete the project feasibility study and move closer to the construction of its aluminium smelter at Ras Az Zawr.
“I am pleased to confirm that Ma'aden will be using the best commercially available smelter technology which is also proven and bankable.” commented Dr Abdallah Dabbagh at the signing. “From the commercial, technical and environmental standpoints, this technology is a world leader that has been successfully used on many major projects around the world.”
Under the terms of the Cooperation Agreement, upon the request of Ma'aden, Rio Tinto Alcan will provide various types of support to Ma'aden including technical services, secondment of key personnel, research and development assistance, management services, aluminium offtake support, and procurement and supply of Alumina and other raw materials.
With the finalisation of these two agreements Ma'aden can complete the feasibility planning phase for the smelter and obtain financing in order to begin construction of the power plant and smelter based at Ras Az Zawr. The project will be fully integrated and the bauxite mined by Ma'aden at Az Zabirah will be transported by rail to Ras Az Zawr on the Arabian Gulf coast.
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.
Ma'aden Corporate Communications Department
T: +966 (0) 874-8045
For further information please contact: