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MOU explores potential expansion for Ma’aden Joint Venture

Publish Date:

Saturday, May 20, 2017 8:00 am EDT

Ma’aden and Alcoa Corporation announced today the signing of a Memorandum of Understanding (MOU) to consider further development for the existing partnership.  The signing took place at the Saudi-US CEO Forum in Riyadh.

Under the MOU, Ma’aden and Alcoa will assess the feasibility of a potential expansion of smelting capacity in the Kingdom of Saudi Arabia. Ma’aden and Alcoa jointly developed the first and only fully integrated high efficiency aluminum production complex in Ras Al-Khair Industrial City.

Since formed by the partners in 2009, the Ma’aden-Alcoa joint venture complex has made a contribution of approximately USD 4 billion to the Kingdom of Saudi Arabia’s GDP. The joint venture supports 3,500 direct jobs and 12,000 indirect jobs. If the expansion were to proceed, primary aluminum capacity could be increased by 600,000 metric tonnes per year and result in over 3,000 high quality direct and indirect jobs.  

Alcoa holds a 25.1% investment in the Ma’aden-Alcoa joint venture.