State-run Saudi Arabian MiningCo (Maaden) (1211.SE) and U.S. aluminium giant Alcoa (AA.N) agreed on Sunday to build a $10.8 billion aluminium complex in the world's top oil exporter, targeting the Middle East from 2013.
Under the deal, the companies form a joint venture to set up a 1.8 million tonne-per-year refinery, a 740,000 tonne-per-year smelter, a bauxite mine with an annual capacity of 4 million tonnes and a rolling mill with a capacity of up to 460,000 tonnes.
The firms have yet to raise the financing for the complex mainly planned to be built in Ras Azzour on the kingdom's Gulf Coast close to Maaden's phosphate fertiliser plants.
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