SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES THE LATEST DEVELOPMENT AT THE BAUXITE MINE AND ALUMINA REFINERY OF ITS SUBSIDIARY (MAADEN BAUXITE AND ALUMINA COMPANY)
Further to the company announcement on Tadawul website on 29/02/1436h (corresponding to 21/12/2014G), the Saudi Arabian Mining Company (Maaden) announces the beginning of commercial production of the bauxite mine and alumina refinery of its subsidiary Maaden Bauxite and Alumina Company on Saturday 30/12/1437h (corresponding to 01/10/2016G).
The Alumina refinery has achieved stable operations and will ramp-up production until reaching its designed production capacity of 1.8 million tonnes of alumina per year by early 2017. At full production the refinery will fully meet the Maaden smelter requirement for 1.4 million tonnes of alumina per year with the surplus production to be sold into regional and international markets.
The impact on earnings of this commercial production will be recognized in the Company 2016 fourth quarter financial results.
Note that Maaden Bauxite and Alumina Company is 74.9% owned by Maaden and 25.1% owned by Alcoa
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