Saudi Arabia

Saudi may set up commodities bourse sans crude

Saudi Arabia could become the second Gulf country to have an official commodities bourse but oil will not be traded in the new market to avoid any speculation, a Saudi newspaper said on Sunday.

Arab League injection earns Texas miner $107m windfall

After an initial 5% jump, shares in Arabian American Development Co was flat at midday on Wednesday on four times usual volumes following news of a $37m injection into the Texas-based company's Saudi mine by a fund controlled by the League of Arab States.

Shareholders in the 44-year old Nasdaq-listed company saw the value of their investment rise a cool $107m as a result of the transaction. The gold, silver and copper mine in a Yemen border province is the only non-government mine in the Saudi kingdom and is scheduled to begin production early next year.

Ma'aden-Alcoa JV lands $1bn loan for mine, refinery

Saudi Arabian Mining Company, also known as Ma’aden, and Alcoa, the aluminium giant, have secured the funds for Ma’aden Bauxite and Alumina Company, which is 74.9% and 25.1% owned by the two companies, respectively.

The company will oversee the construction of a bauxite mine and an alumina refinery, which will cost $3.6 billion, part of the $10 billion Ma’aden-Alcoa joint venture project that will also see the construction of an aluminium smelter and rolling mill at Ras Az Zawr.

Saudi-Turkish JV granted gold mining license

The Saudi Ministry for Mineral Resources has granted the first mineral exploration license for the Selib North Project to a Saudi-Turkish joint venture in which KEFI Minerals has a 40% stake and is the operating partner. The company has also received approval for two other licenses and are awaiting final approval from the Supreme Committee of Concessions in Riyadh, KEFI said in a statement.

The project is located in central Saudi Arabia, 65km south-southeast of the Al Amar Gold Mine, which is currently being operated by Ma’aden. In 2007, mineral resources for the Al Amar Gold Mine were estimated at a total of 2.0 million tons.