Saturday, Dec 15, 2012
DUBAI (Zawya Dow Jones)--Saudi Arabian Mining Co. (1211.SA), or Maaden, said it has started aluminum production for the first time in Saudi Arabia with the first output from its smelter at Ras Al Khair.
The metal is produced by its subsidiary Maaden Aluminum Co., a joint venture with U.S.-based Alcoa Inc.(AA).
"Today we see the first aluminium produced in Saudi Arabia, and the launch of a new industry," said Maaden's president and chief executive Khaled Mudaifer in a statement.
Saudi Arabia is attempting to diversify its economy away from its reliance on oil production by developing new industries such as aluminum and speciality chemicals. The projects will also provide much-needed jobs for Saudi nationals, who face rising unemployment.
The new smelter is part of the $10.8 billion Maaden-Alcoa aluminum complex and was built by the U.S. company Bechtel Corp. over a period of 29 months, the statement said.
On Saturday, Saudi Maaden shares traded 2.17% higher at SAR33 on the Saudi exchange.
Write to Iman Dawoud at iman.dawoud@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
15-12-12 1006GMT
