Saudi
Arabian Mining Company (MA'ADEN.)
Ma'aden is a diversified mining company, active in gold base metals mining and infrastructure industry. Ma'aden was formed as a Saudi joint stock company on 23 March 1997 (corresponding to 14/11/1417H) for the purpose of facilitating the development of Saudi Arabia’s mineral resources. It is the largest mining company in Saudi Arabia. The Saudi government still owns 50% of its shares. while the rest 50% are listed in Tadawul (Stock Market). The company is structures as headquarter corporate based in Riyadh with several subsidiaries.
Two years ago, Maaden Saudi Arabian Mining Co (Maaden) signed on Sunday an agreement with US aluminium giant Alcoa to build a $10.8 billion aluminium complex.
Under the agreement, the two firms will build a 1.8 million tonnes per year aluminium refinery and a 740,000 million tonnes per year smelter in Ras Azzour on the kingdom’s Gulf coast, Maaden’s CEO Abdullah Al Dabbagh told reporters.
The smelter is slated to start production in 2013 while the refinery would come online in 2014, he added.
On 20 December 2009, Ma'aden signed an agreement with US aluminium giant Alcoa to build a $10.8 billion aluminium complex. Under the agreement, the two firms will build a 1.8 million tonnes per year aluminium refinery and a 750,000 tonnes per year smelter in Ras Al-Zour. The smelter is slated to start production in 2013 while the refinery would come online in 2014.
