JEDDAH: Outotec and Hatch, an unincorporated joint venture, have been awarded a contract by the Ma'aden and Alcoa JV to provide an Integrated Digestion and Evaporation Facility to what will be the lowest cost aluminum complex in the world - the Ma'aden Aluminium Project in Ras Az Zawr. The Outotec-Hatch overall contract value is approximately €50 million, with roughly equal share of the work between Outotec and Hatch. The delivery of the Integrated Digestion and Evaporation Facility includes a technology license, detailed engineering, procurement support and construction support services. Outotec and Hatch have jointly developed and own the tube digestion and integrated evaporation technologies to be installed at the Ras Az Zawr alumina refinery. This refinery will have an initial annual capacity of 1,800,000 tons alumina, with first production expected in 2014. The Ma'aden Aluminum Project comprises a fully integrated greenfield complex with bauxite mine, alumina refinery, aluminum smelter and can sheet rolling mill. It will contribute to the development of a world-class aluminum industry in the Kingdom of Saudi Arabia and is designed with the potential for future expansion. “We are delighted that Ma'aden Aluminum Project chose the unique Outotec-Hatch alumina digestion and evaporation technology for this facility which will be one of the most technologically advanced aluminum complex in the world and utilize low-cost and clean power generation. As our core business is the development of sustainable solutions for our planet, we are very proud to be involved in this project”, said Outotec CEO Pertti Korhonen. Ma'aden said Monday its two joint ventures with Alcoa Inc. (AA) - Ma'aden Aluminium Co and Ma'aden Rolling Co. signed financing contracts worth $2.1 billion with the Public Investment Fund (PIF), Maaden said in a statement posted on the Saudi bourse website, but didn't give the terms of the loans. $1.3 billion goes to Aluminium Co and $821 million to Rolling Co. The deals are part of a $4.5 billion financing plan for phase one of its fully-integrated aluminum complex to be developed with Alcoa in the Kingdom.
