Hyundai Engineering & Construction has won a US$1.5 billion contract to build an alumina refinery in Ras Al Khair, Saudi Arabia.
Owned by a JV
Maaden Bauxite and Alumina Co., a joint venture (JV) between Saudi Arabian Mining Company (Ma'aden) and US-based Alcoa Incorporated, has signed a letter of intent to award Hyundai E&C the contract.
EPC work
Hyundai said that it would carry out engineering, procurement, construction and pre-commissioning work for the 1.8 million-tonne-per-year refinery, the company said in a regulatory filing.
The JV is owned 74.9 per cent by Maaden and 25.1 per cent by Alcoa and comprises a bauxite mine and an alumina refinery project. According to the company, the refinery will be completed over a 29 month period.
The vision
"The government of the Kingdom of Saudi Arabia has set the vision and established the infrastructure to enable the development of the world's largest, lowest cost, fully integrated aluminum industrial complex," said Abdullah Busfar, Vice President of Maaden's Aluminium Strategic Business Unit.
