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Maaden and Alcoa in $10.8bn JV

State-run Saudi Arabian Mining Company and US aluminium giant Alcoa
agreed yesterday to build a $10.8bn (£6.7bn) aluminium complex in the world's top oil exporter, targeting the Middle East from 2013. Under the deal, the companies form a joint venture to set up a 1.8m tonne-per-year refinery and a bauxite mine with an annual capacity of 4m tonnes.