EU and Ukraine strike less ambitious but 'realistic' trade deal    Spanish PM's former aide detained without bail in corruption probe    US skips global UN meeting in Spain aimed at raising trillions to combat poverty    Lithuania and the Philippines sign security pact    Al Hilal stun Manchester City in seven-goal thriller to reach Club World Cup quarterfinals    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    Over 190,000 Umrah visas issued since start of the season    New Social Insurance Law comes into force on Tuesday    Objections to municipal violations and fines to be processed electronically within 15 days of submission    NCM Forecast: Dust storms expected across Saudi Arabia until next week    PIF assets soar to $1.15 trillion in 2024    Saudi Arabia advances 14 places to 13th rank in IPR Enforcement Index globally    Saudi Arabia imposes final anti-dumping duties on imports of steel pipes from China and Taiwan    Saudi Arabia's net FDI jumps 44% to SR22 billion in Q1 2025    Historic Jeddah's visual identity re-imagined through global art installations at Al-Arbaeen Lagoon    Al Hilal land in Orlando ahead of Club World Cup clash with Manchester City    Cristiano Ronaldo says the past is over and this season will be Al Nassr's    Saudi Arabia exit Gold Cup after quarterfinal defeat to Mexico    Brad Pitt's Los Angeles home 'ransacked', police say    Tehran Symphony Orchestra holds free concert to honor Iranians killed in conflict with Israel    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Maaden, Rio joint venture to cost $10.5 billion, up 40%
Published in The Saudi Gazette on 29 - 07 - 2008

The planned aluminum smelter plant joint venture between Saudi Arabian Mining Co. (Maaden) and Rio Tinto Alcan will cost by 40 percent more to $10.5 billion from the initial estimated spending, Maaden's Chief Executive Officer Abdullah Dabbagh said on Sunday.
“The aluminum project with Rio Tinto Alcan is worth $10.5 billion and this has been reconfigured to produce 750,000 tons of aluminum (per year) rather than the 650,000 tons we started with,” he said.
The project will include bauxite mining, alumina refining, power generation and aluminum smelting. Production will start in 2012, Dabbagh said.
Rio Tinto Ltd is competing with international mining and aluminum conglomerates to gain access to the Middle East's vast energy resources to develop smelters as costs surge in North America and Europe.
The Maaden project was originally expected to cost $7.5 billion, he said.
Saudi Arabia, the world's largest oil exporter, wants to develop its largely untapped mineral resources in an effort to diversify away from its dependence on crude exports and to create more jobs for its rising young population.
Maaden, which lists on the Saudi Tadawul stock market Monday, has secured $2.3 billion in international loans for its phosphate project worth $5.56 billion, a joint venture with Saudi Basic Industries Corp. The project is on track to be completed by 2010.
“This project is already financed. Almost all of the contracts have been signed and 85 percent of contracts are lump-sum term key contracts,” Dabbagh said.
Maaden is the first mining company to list on Saudi's bourse.


Clic here to read the story from its source.