Ma'aden targets 22% rise in aluminium price

26 September 2010

Company is building an aluminium smelter at Ras al-Zour

Saudi Arabian Mining Company (Maaden) has said it is targeting a 22 per cent jump in the price of aluminium as demand recovers, Bloomberg has reported. The state-controlled metals producer, which operates in the gold, phosphate and other mining industries, is building an aluminum smelter with US-based Alcoa. as part of a SR40.5bn ($10.8bn) industrial complex in the kingdom. The company plans to be the lowest-cost producer of the metal, which will “give us an edge to have a good place in the market,” Abdullah Abdulgader, executive director for project management and engineering said.

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