Saudi Arabian Mining Co. said Cost of its Smelter is the lowest in the world

Saudi Arabian , Dec. 17—Saudi Arabian Mining Company said because of the confusion of financial credit market, loan cost grows, so they confront with the pressure of the probably growing cost of its smelter. Chief Economist of Saudi British Bank Johh Sfakianakis said: “the rising cost of this smelter is consistent to the trend of agreement field. Saudi Arabian Mining Co. own most of the shares of this smelter, so this project can go on to develop.” The other cooperator of this project is Rusal—who has purchase by Rio Tinto last Month. The initial capacity of this smelter is 720,000 ton/year and expects to rise to 2.1 million ton in 2011. Construction bid inviting is expected to launch in next July. The project is a measure Saudi Arabian to grow diversified development.