Bloomberg News

Maaden Signs LoI to Award $1.5 Billion Contract to Hyundai

March 05, 2012

March 5 (Bloomberg) -- Saudi Arabian Mining Co., the state- controlled company known as Maaden, said its venture with Alcoa Inc. (AA) signed a letter of intent with Hyundai Engineering & Construction Co. (000720) on a $1.5 billion contract to build an alumina refinery in Saudi Arabia.

The contract will include completing engineering, procurement, construction, pre-commissioning, commissioning assistance, startup assistance and training, Maaden said in a statement to the Saudi bourse today.

Maaden owns 74.9 percent of the unit known as Maaden Bauxite & Alumina Co., while Alcoa Inc. holds 25.1 percent.

Maaden said the scope of work related to the alumina refinery that was awarded to a joint venture of WorleyParsons Ltd. (WOR) and Fluor Corp. (FLR) has been limited to project management, according to the statement.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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