Saudi Arabian Mining Co. — Capital/Financing Update 2011

May 8, 2011

Saudi Arabian Mining Company ( Ma'aden ) announces signing of the EPC contract for the aluminum rolling mill plant

1211 · 08/05/2011 16:53:28 · Announcement #21702 · View on Saudi Exchange

Saudi Arabian Mining Company ( Ma'aden ) announces signing of the EPC contract for the aluminum rolling mill plant

Further to the companys announcement on Tadawul, on February 09, 2011 The Saudi Arabian Mining Company Ma'aden announces that Ma'aden Rolling Company, owned 74.9% by Ma'aden and 25.1% by Alcoa, has signed on May 08, 2011 a contract worth $590 million (SR2.2 billion) with Samsung Engineering to engineer, procure and construct (EPC) the aluminum rolling mill plant at Ras Az Zawr in Saudi Arabia. Samsung Engineering will handle the Rolling Mill EPC on a lump-sum turn-key basis within a project execution period of 32 months.

The rolling mill will be the first food grade can sheet mill in the Middle East. With an initial capacity of 380,000 metric tons per year and designed for significant expansion, it will be one of the most technically advanced mills in the world. It forms part of the fully integrated aluminum industry being developed within Saudi Arabia by the Maaden Alcoa joint venture.

More over, the sources of project financing were announced in Tadawul on 20/12/2010 and 30/11/2010

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