A deal is struck with a state-run mining company to build a plant with an annual gold ore processing capacity of 2 million tons
Technical skills and construction capabilities have been acknowledged, thus allowing
for the entry into the Middle Eastern market
[20 March, 2013] Hanwha Engineering and Construction (Hanwha E&C) announced that it has signed a $270 million ore plant deal with Riyadh-based Ma’aden Saudi Arabian Mining Company. Hanwha E&C is set to build a plant that will process gold ore into gold bars near Al Humiyah, 450km southwest of Saudi Arabia’s capital city, Riyadh.
Upon completion of the project, a plant with an area of 17 km2will be established and a 110 km long main access road will be put in place. The plant will have an annual gold ore processing capacity of 2 million tons and will be able to accommodate over 200 people through residences and research facilities. The project is scheduled for completion within 24 months.
This deal is on an EPCC-LSTK basis (Engineering, Purchase, Construction, and Commissioning – Lump Sum Turnkey) and the deal had been made possible by Hanwha E&C’s proven track record as well as its unmatched engineering, purchase and construction capabilities.
Ma’aden is a state-run mining company of Saudi Arabia and produces ore products including gold, silver, diamond and aluminum. In 2007, Ma’aden granted Hanwha a $280 million deal to build a power
and desalination plant, and the project had been carried out successfully.
“Now, Hanwha’s technical skills from the 2007 project have been reaffirmed by Ma’aden. And the deal made this year will provide Hanwha E&C with the opportunity to expand its scope into metal
and smelting plants.” said the Hanwha E&C official.
Prior to this deal, Hanwha E&C won an $8 billion contract last year to construct a new city in Bismayah, Iraq, which is larger than any construction project ever performed by a Korean contractor outside South Korea. Hanwha has attracted a great deal of global attention with this unprecedented urban development project as it helped South Korea pass the $500 billion mark of accumulated overseas construction orders.
Hanwha Engineering & Construction
Hanwha E&C has been rapidly growing into a global player at an annual average growth rate of 20 percent since 2002 by leveraging its extensive experiences from many of its past construction projects and by applying its new and most effective technologies. Our competitiveness is internationally recognized; we ranked 72nd on the list of the top global contractors (with construction revenues of more than USD 521 billion) in Engineering News Record in 2014, the international publication called the “bible of the construction industry.”
For more information, visit: www.hwenc.com
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea
and a “FORTUNE Global 500” company. Hanwha Group has 56 domestic affiliates and 226 global networks in three major sectors: manufacturing and construction, finance, and services and leisure.
With more than 60 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com