Maaden says commercial ops begins at bauxite mine, alumina refinery
Saudi Arabian Mining Company (Maaden) said commercial operations began on Oct. 1, 2016 at the bauxite mine and the alumina refinery of its subsidiary Maaden Bauxite and Alumina Co.
Production will be increased gradually to reach the designed capacity of 1.8 million tonnes of alumina by the beginning of 2017 against smelter requirement for 1.4 million tonnes, the company said in a statement to Saudi bourse, Tadawul.
The surplus will be sold in the regional and international markets, it added.
The relevant financial impact will be reflected on earnings of Q4-2016.
Maaden Bauxite and Alumina Co. is 74.9 percent owned by Maaden and 25.1 percent owned by US Alcoa.