Jeddah May 16th, 2007. : Saudi Arabia's Western Way for Industrial Development Co. (WWIDC) yesterday signed three different agreements with American company, Gerald Metals Inc. (Gerald) and their affiliates. With these agreements, Gerald becomes one of the substantial investors in WWIDC's aluminium complex to be built in Jazan Economic City. The signing of these agreements follows the Head of Agreement deals signed in April with two Chinese state-owned companies; China National Machinery Industry Corp., also known as Sinomach, and China Nonferrous Metals Industries Foreign Engineering and Construction Co. (NFC).

The deals were signed during Bahrain's World Aluminium Conference by WWIDC Chairman, Abdullah Basodan, while Executive Vice President, Thomas Zabrodsky, signed on behalf of Gerald.

The first agreement is for Gerald to provide high grade tropical bauxite to the alumina refinery. As per this deal, Gerald will be providing bauxite to the project along with JEC aluminum plant's main supplier, who will export bauxite from Greece. This agreement ensures that all bauxite requirements will be satisfied.

The second agreement stipulates that Gerald will offtake all the aluminium produced at option with a floor volume of 300,000 tons per year.

The third agreement provides Gerald a provision of 20% of the equity funding requirement to the project, whose capital cost is estimated at US$ 4 billion.

Gerald contends the Jazan project and its future expansions are just the beginning of the replacement revolution in commodities, where low cost and environmentally responsible production fulfill the continuing boom in demand of commodities and world growth.

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Jazan Economic City (JEC)
JEC is located on the west coast approximately 75km north of Jizan in Saudi Arabia's southern region. The new Jazan zone has been promulgated by the Saudi Arabia General Investment Authority (SAGIA) and is being jointly developed by MMC Corporation Berhad of Malaysia and the Saudi Binladin Group (SBG).  Jazan Economic City will cover over 100 million square meters of land and include a seaport, an industrial zone, a commercial business district, residential areas, public amenities such as hospitals and schools, as well as other academic and vocational training institutions. The project is the 4th Economic City to be launched in the Kingdom and is expected to attract over US$ 30 billion in investments.

About Western Way for Industrial Development Co.
WWIDC is a Saudi organization with the mission to develop the Kingdom's mineral resources sector and extend it internationally through joint ventures. The company is one of the main leaders and developers of the aluminum smelter.

About Gerald Metals Inc.
Gerald Metals Inc. is a privately held trader, financier, and selective-participating producer of ferrous, nonferrous and precious metals.  Gerald is one of the largest privately held commodities firms in the U.S. and has been a leader in the physical commodities industry for more than 40 years.

Gerald Metals operates primarily from offices in the US, Switzerland, and China; the company maintains additional facilities elsewhere in Asia and Europe and in South America.

For further information please contact the following:
Company:  Western Way for Industrial Development Co.
Contact: Loie Halwani
Saudi Business Center,
13th floor - Office No. (1301)
Jeddah, Saudi Arabia
Tel: +966 2 657 1666  
Fax:  +966 2 657 1222
Email:  wwidc@wcbicc.cn

© Press Release 2007