The Saudi Arabian Mining Company (Ma’aden) and Alcoa (NYSE:AA) celebrated the achievement of the First Hot Metal milestone today 12/12/2012 at their joint venture smelter project at Ras Al Khair in Saudi Arabia. This milestone marks the successful commissioning of the first of 720 smelting furnaces or “pots”, and is a key step toward the commercial production at the smelter.
At the ceremony marking the event in Ras al Khair, Ma’aden President and CEO Engineer Khalid Al Mudaifer said that the achievement of First Hot Metal in only 25 months from the pouring of first concrete is testimony to the vision of the Government of the Kingdom of Saudi Arabia, and to the dedication of Ma’aden, Alcoa, and their respective contractor teams.
“Today we see the first aluminium produced in Saudi Arabia, and the launch of a new industry. One based on the natural resources and human talent of the Kingdom, the vision of the Government, and the close friendship and collaboration of Ma’aden and our joint venture partner, Alcoa. The regional strength and expertise of Ma’aden and the technological leadership and global market reach of Alcoa is a winning combination,” Engr Mudaifer said.
Alcoa Chairman and CEO Klaus Kleinfeld said that the ceremony in Saudi Arabia represents a momentous event for Alcoa and clear demonstration of the Company’s focus on disciplined execution.“The Ma’aden Alcoa joint venture is the largest fully integrated project that Alcoa has embarked upon since creating the modern aluminum industry nearly 125 years ago,” Kleinfeld said. “It will be the lowest-cost producer within our global smelting system and in addition to lowering Alcoa’s overall cost base, will help establish Saudi Arabia as the regional leader in the global aluminium industry. Alcoa is pleased to play a role in creating new economic opportunities for the people of Saudi Arabia, and delivering profitable growth for our Company.”