Justice minister, DGA chief discuss partnership to boost digital judicial services    Netanyahu does not rule out further strikes on Hamas leaders    US farmers are being squeezed – and it's testing their deep loyalty to Trump    Romania condemns 'irresponsible' Moscow after Russian drone breaches its airspace    Kirk's assassination is forcing US politicians to make difficult choices about their safety    India players refused handshakes, says Pakistan coach    Final stage of Spanish Vuelta cycling race abandoned after disruption by pro-Palestine protesters    Mané fires Al Nassr past Al Kholood to keep perfect start as Ronaldo honored    Lacazette brace earns NEOM SC first Saudi Pro League win    Adolescence star Owen Cooper makes Emmys history at 15    Saudi liquidity grows 8.4%, reaching SR3.1 trillion in July 2025    Over 434,000 people acquire first aid skills during nationwide health campaign    Saudi Arabia's legislative advancement highlighted at International Conference on Judicial Training    Sudden swerving among 3 major causes of accidents in Riyadh in 2024    Princess Haifa emphasizes pivotal Saudi role in shaping future of tourism    Sahm Capital names Saudi Olympian Fayik Abdi as brand ambassador    SR9000 fine for copyright infringement using AI    King Charles and Prince Harry finally reunite after 19 months apart    Anastacia: Arnold Schwarzenegger made me sing Whatta Man 12 times    Thousands pay their last respects to Giorgio Armani, private funeral on Monday    The key to happiness    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    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.



Ma'aden sees aluminum at $2,800
Published in The Saudi Gazette on 25 - 09 - 2010

Saudi Arabian Mining Co. (Ma'aden) is targeting a 22 percent jump in the price of aluminum as demand recovers.
An “excellent” price would be $2,800 a metric ton, as seen before the economic crisis, Executive Director for Project Management and Engineering Abdullah Abdulgader said in an interview in London.
While such an increase “will take time,” Ma'aden is seeing “very positive indications,” he said.
Aluminum slumped 11 percent in the first half on concern supply would outpace demand. The metal, used in transport, packaging and construction, has since rallied on speculation that unprofitable smelters will shut and carmakers predicted record production this year. Aluminum for three months ahead closed at $2,292 on the London Metal Exchange on Thursday.
Ma'aden, which operates in the gold, phosphate and other mining industries, is concentrating on its aluminum business, Abdulgader said on Thursday. The Riyadh-based company is building an aluminum smelter with Alcoa Inc. as part of a SR40.5 billion ($10.8 billion) industrial complex in Saudi Arabia.
Ma'aden's board in June approved $4.5 billion in financing for the first phase of the smelter project, scheduled to start output in early 2013.
The company will borrow from local and foreign banks and government funds, it said.
Ma'aden plans to be the lowest-cost producer of the metal, which will “give us an edge to have a good place in the market,” Abdulgader said.
The company reported a second-quarter profit of SR31.2 million in July, after posting a loss of SR6.56 million a year earlier.
Ma'aden sold 50 percent of its shares in an initial public offering in 2008.
United Co. Rusal, the world's biggest aluminum producer, said Sept. 21 it expects prices for the metal to reach $2,400 to $2,500 a ton next year.


Clic here to read the story from its source.