Alumina invests $US120m in Saudi Arabia aluminium project

ALUMINA says it will contribute about $US120 million ($134.8m) toward the development of a $US10.8 billion aluminium project in Saudi Arabia. Alumina's joint venture partner, Alcoa, is teaming up with Saudi Arabian Mining Co, better known as Ma'aden, to develop an aluminium complex featuring bauxite mining, alumina refining and aluminium smelting. The deal will see Alcoa and Alumina provide alumina for the first stage of the project, due to come on line in 2013, with a bauxite mine and alumina refinery to be developed in the second phase. Alumina said it will consider a variety of debt funding options for its equity contribution, which will be contributed progressively between 2010 and 2014. Start of sidebar. Skip to end of sidebar. End of sidebar. Return to start of sidebar. "This is a unique opportunity to invest in very low cash-cost alumina production capacity in a major growth region for the aluminium industry and further diversifies our operational and geographic footprint," Alumina chief executive John Bevan said.