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Saudi Arabian Mining Co. (Ma'aden) advances on aluminium production debut
- Saudi Arabia: Wednesday, November 21 - 2012 at 17:39
The Riyadh-based Tadawul All-Share Index fell 0.79% to 6,609.71 points Wednesday as 12 out of 15 sector indices ended in the red. SABIC slipped 0.56% to SR8.25, while Amana Insurance lost the most, finishing 9.87% lower at SR162. Shares of Saudi Arabian Mining Co. or Ma'aden bucked the trend and jumped three percent to hit SR30.90. Earlier in the day, Ma'aden said that its subsidiary Ma'aden Aluminum Company which is 74.9% owned by Ma'aden and 25.1% owned by Alcoa will start its initial aluminium metal production in Saudi Arabia from its smelter on 12.12.2012. The production will be in its ramp-up stage until reaching gradually its designed capacity of 740 kmt per year, following the industry best practice, the firm said in a statement to the Tadawul bourse.
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Gérard Al-Fil, Financial JournalistWednesday, November 21 - 2012 at 17:39 UAE local time (GMT+4)
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