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Cost of the 7 billion smelter of Saudi Arabia Mine Company grow

Monday, Dec 17, 2007
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Saudi Arabia, Dec. 14—Jean-Paul Sartre Mine Company said because of the confusion of financial credit market, loan cost grows, so they confront with the pressure of the probably growing cost of its smelter. Its CEO Abdallah Dabbagh said that in an interview: “we had a negotiation with bank and the cost will increase 20%, if more construction and material needs, the cost may grow further.” Saudi Arabia Mine Company plans to sell half of its shares to assist this project. It also showed that 60% of the cost will come from financial credit. That is the first aluminum alloy project it invest in Saudi Arabia, including bauxite explore, alumina refinery, aluminum smelt, power plant and port. This project will be completed in 2011. Saudi Arabia Mine Company prepared to make a fierce competition with Bahrain Aluminum and Dubai Aluminum.

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