Saudi Arabian Mining Co. (Ma'aden) said Monday it has awarded South Korea's Hyundai Engineering & Construction Co Ltd. a contract worth $1.5 billion to build the alumina refinery for its joint venture project with US-based Alcoa Inc. (AA) in the Kingdom. The joint venture, known as Ma'aden Bauxite and Alumina Co., has signed a letter of intent to award Hyundai E&C a contract to build the alumina refinery, the company said in a statement posted on the Saudi market website. Industry observers forecast that once the plant starts operation, more Saudis would be employed in line with the government's thrust. The duration of the contract will be 29 months from the date of signing it, according to the statement. Ma'aden Bauxite and Alumina Co. is owned 74.9 percent by Maaden and 25.1 percent by Alcoa and comprises a bauxite mine and an alumina refinery project. It is the second phase of the $10.8 billion, fully
