May 27, 2012 / 1:27 PM / 5 years ago

Maaden signs $1.5 billion aluminum refinery contract

JEDDAH (Reuters) - Saudi Arabian Mining Company (Maaden) 1211.SE has awarded a $1.5 billion contract to South Korea's Hyundai Engineering & Construction Co. (000720.KS) to build an aluminum refinery in the kingdom, a bourse statement said on Sunday.

The refinery, to be constructed in the Eastern Province, will have an annual production capacity of 1.8 million metric tons of smelter-grade alumina and is scheduled to be completed by the end of 2014, the statement to Saudi Arabia's stock exchange said.

"The contract includes completing detailed engineering, procurement, construction, pre-commissioning, commissioning assistance, start-up assistance and training services," Maaden added.

In March, the firm agreed a draft deal with Hyundai to build the refinery, part of a multibillion dollar complex in Ras Al Khair that is 74.9-percent owned by Maaden and 25.1 percent by Alcoa Inc (AA.N).

Reporting by Asma Alsharif and David French; Editing by Matt Smith

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