Hyundai wins $1.5bn Ma'aden refinery contract
South Koreans beat competition on joint venture by Ma'aden and Alcoa
Seoul-based Hyundai Engineering & Construction has secured the $1.5bn construction contract for an alumina refinery, part of the second phase of the $10.8bn project to develop a fully-integrated aluminium complex in Ras Al Khair in Saudi Arabia.
The complex is being built by Ma'aden Bauxite and Alumina Company, a joint venture between Saudi Arabian Mining Company (Ma'aden) and US-based Alcoa Incorporated, which holds a 25.1% stake. The fully integrated industrial complex, consisting of a bauxite mine at Ba'aitha and an alumina refinery, aluminum smelter and rolling mill at Ras Al Khair.
The refinery is to be built over a 29 month period.
“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.
The announcement follows news of two other contracts let by the company. US-firm Fluor inked a deal that covers the Engineering, Procurement, and Construction (EPC) Management for a 100,000 mtpy rolling mill plant producing automotive heat-treated and non-heat-treated sheet, building and construction sheet and foil stock sheet. Another contract, awarded to SMS Siemag covers the supply of the mill equipment and heat treatment line equipment for the plant.