The Saudi Arabian Mining Company (Ma’aden) signed a $7 billion [SR26.25 billion] joint venture agreement with Canadian aluminum and packaging giant Alcan Primary Metal Group in Riyadh yesterday, the Arab News reported today. It is the biggest deal in Saudi mining history.
The agreement aims to develop Saudi Arabia’s massive bauxite resources and to build and operate a “mine-to-metal” industry. The fully integrated project will include bauxite mining, aluminum refining, a power plant and aluminum smelting.
The signing was witnessed by Minister of Petroleum and Mineral Resources Ali Al-Naimi, Ma’aden CEO Abdallah Dabbagh and Alcan President and CEO Michel Jacques.