Tadweeer signs MoU with China’s Chery for potential aluminum smelter

Logo of National Environmental Recycling Co. (Tadweeer) 

National Environmental Recycling Co. (Tadweeer) signed on Sept. 17 a memorandum of understanding (MoU) with Chinese carmaker Chery to conduct a feasibility study for setting up an aluminum smelter, according to a Tadawul statement.

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The proposed facility will use aluminum recovered from Tadweeer’s recycling of electronic, electrical, and metal waste to produce automotive-grade aluminum feedstock in grades compliant with automotive industry applications.

Chery, headquartered in Wuhu, Anhui Province, is one of the world’s leading car manufacturers, operating multiple brands, including Chery, Exeed, Jetour, Jaeco, and Omoda.

The MoU aims to carry out technical and financial studies for the plant’s establishment, outline the initial framework of mutual rights and obligations, and determine the share for each party upon testament of the factory.

The MoU will include standard confidentiality clauses governing the handling of information.

The agreement is valid for six months from the signing date, with the financial impact to be determined once the full studies are completed.

There are no related parties to the deal, the company added.

According to data available on Argaam, Tadweeer’s CEO, Nasser Al-Dueb, signed on Sept. 17 an MoU with Chery to establish an aluminum plant and smelter in Saudi Arabia with an annual production capacity of 50,000 tons.