Ma’aden starts commercial operations of its aluminum smelter

01/09/2014 Argaam

Saudi Arabia Mining Company, Ma’aden, started today commercial operations of its aluminum smelter and the financial impact of the production will be reflected in the 3rd quarter of 2014 financial year, the company said in a statement to the Saudi bourse, Tadawul.

The  740,000 tons a year smelter is a joint venture between Ma’aden and Alcoa Inc, the world’s third largest aluminum maker. Ma’aden owns 74.9 percent of the plant, while Alcoa owns the remaining stake.

Ma’aden is 50 percent owned by  the Public Investment Fund (PIF). The General Organization for Social Insurance (GOSI) and Public Pension Agency (PPA) each owns 9.6 percent, 7.4 percent stake respectively. 

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