Maaden signs LOI to award alumina refinery construction contract

Further to Maadens announcement on Tadawul web site dated 09/06/1431H corresponding to 23/05/2010, Maaden announces that Ma'aden Bauxite and Alumina Company, which is owned by Maaden (74.9%) and Alcoa Company (25.1%), has signed on Sunday 11 Rabi II 1433 corresponding to 04 March 2012 a Letter of Intent to Award to Hyundai Engineering & Construction Co Ltd to build the Alumina Refinery including completing detailed Engineering, Procurement, Construction, Pre-commissioning, Commissioning Assistance, Startup Assistance and Training. The Contract duration will be 29 months from the date of signing it. The contracts total value is SAR 5,632 Million (USD 1,502 Million ) 

Based on that Maaden would like to inform that the scope of work related to the Alumina Refinery of Engineering, Procurement, Construction and Management Services (EPCM) that was awarded to the joint venture of WorleyParsons Company and Fluor International Company has been amended to be limited to project management. 
The Alumina Refinery is part of Maaden Aluminum Complex at Ras Al Khair in the Eastern Province of Saudi Arabia with an annual production capacity of 1.8 Million ton. 
Completion of the financing of the project was announced by Maaden on Tadawul Web site on 02/01/1433H corresponding to 27/11/2011.