Complex Made Simple

Ma’aden soars as Alcoa joint venture picks up

The Tadawul All-Share Index closed 2.46 per cent higher at 8,525.39 points on Sunday, December 21. Saudi Arabian Mining Company, better known as Ma’aden (Arabic for metals) surged 4.01 per cent to reach SAR28.50.

Further to the company’s announcement from December 20 2009, Ma’aden said earlier today in a filing to the bourse the start-up of the alumina refinery of its subsidiary Ma’aden Bauxite and Alumina Company on last Friday, December 19, will be in its ramp-up stage until gradually reaching its designed production capacity, which is 1.8 million metric tons of alumina per year. The financial impact will be considered following the declaration of commercial production of the alumina refinery. Ma’aden Bauxite and Alumina Company is 74.9 per cent owned by Maaden and 25.1 per cent owned by Alcoa, the American blue chip aluminium producer.

Other stocks that outperformed in Riaydh were market bellwether SABIC (up eight per cent) , Emaar The Economic City (gaining 9.87 per cent) and Nama Chemicals (10 per cent higher).

 

Gérard Al-Fil