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ARSD - Saudi Mining $3.8B Aluminum Smelter

"Third economic pillar
The Saudi Arabian General Investment Authority says that it hopes the mining sector and processing of metals will become a 'third pillar' of the economy after hydrocarbons and petrochemicals.

Maaden says the smelter project will help create more than 11,000 jobs and increase the kingdom's GDP more than $30 billion over 25 years and result in an improvement to the balance of payments of $533 million a year.

While the Saudi move into the aluminium sector follows other well established Gulf smelters, Maaden believes that because it can draw on Saudi-mined bauxite and the availability of cheap gas supplies its productions costs will be lower than any other GCC aluminium producer.

Such is the potential demand for the metal that there have been hints that another Saudi 500,000 tpy aluminium smelter could also be developed by a private consortium in the developing Jubail 2 industrial city."


http://www.ameinfo.com/82840.html