Saudi Arabian Mining Company Ma’aden signed two landmark Memorandums of Understanding (MOUs) with its U.S.-based partners Alcoa and Mosaic at the ongoing inaugural Saudi-U.S.CEO Forum that was launched in Riyadh on Saturday, May 20.

The Memorandums are expected to provide fresh impetus to the Kingdom's mining sector which is identified to be a playing a crucial role in the economic diversification of the nation as outlined in Saudi Vision 2030.

The first MOU outlines the scope of feasibility assessment of a potential expansion of aluminium production complex in Ras Al-Khair Industrial City, by Ma'aden and Alcoa, the joint developers of the project.

Since inception in 2009, the Ma’aden-Alcoa aluminium smelting joint venture complex has made a significant contribution amounting to US$4 billion to the Kingdom of Saudi Arabia’s GDP. On completion of expansion, primary aluminium capacity of the venture is expected to be raised by 600,000 metric tonnes per year. It would also result in over 3,000 high quality jobs creation in the Kingdom.

The other two MOU also pertain Ma'aden's mining and fertiliser businesses. The projects are subject to the definitive studies and obtaining necessary approvals and consents of the Board.