Released on = April 30, 2007, 10:30 pm

Press Release Author = Ma\'aden - Saudi Arabian Mining Company

Industry = International Trade

Press Release Summary = Heads of terms signed for US$7 billion fully integrated
mine-to-metal project to include bauxite mine, alumina refinery, aluminium smelter
and power plant in Saudi Arabia.

Project Highlights:
. 90 Mt bauxite reserve - representing a potential 30 years of mining
. 1.6 Mt/y alumina refinery
. Power plant delivering 1,400 MW to the project
. 720 kt/y aluminum smelter - with potential to expand to 2.1 Mt/y

Press Release Body = Riyadh, Monday 30 April 2007: Dr. Abdullah Al-Dabbagh,
President and CEO of Ma'aden and Michel Jacques, President and CEO of Alcan Primary
Metal Group today signed a heads of agreement opening the way for the two companies
to create a strategic joint venture for a world scale aluminium project in Saudi
Arabia.

The project will mine bauxite reserves at Az Zabirah in the north of the Kingdom to
produce 720,000 tons of aluminium per annum at a purpose built facility in the
Minerals Industrial City at Ras Az Zawr on the east coast. Total capital investment
in the project is approximately SR26.25 billion (USD 7 billion). Over seventy
percent of the aluminium produced will be for export.

Announcing the agreement, His Excellency, Engineer Ali I Al-Naimi, Saudi Arabian
Minister of Petroleum and Mineral Resources and Chairman of Ma'aden, said, "I
welcome the partnership of Alcan and Ma'aden in realising this landmark project
which will be one of the largest, vertically integrated operations of its type in
the world. The operation will promote economic growth within the Kingdom of Saudi
Arabia, diversify the country's economic and industrial base and create employment
opportunities through opening up new sectors of economic activity."

"Alcan is pleased to participate in this outstanding project in the growing and
dynamic Kingdom of Saudi Arabia. This world class project has an ideal combination
of competitive energy resources, local bauxite, well-developed infrastructure and
favourable logistics," said Mr Dick Evans, President and CEO of Alcan Inc at the
signing ceremony in Riyadh. "Consistent with Alcan's primary metal strategy, this
project has the potential to achieve one of the lowest operating costs in the
industry and become one of the world's largest smelters," he added.

Dr. Dabbagh commented, "This joint venture and our recently signed phosphate
agreement with SABIC represent notable milestones in Ma'aden's vision of expanding
the scope of mining and associated industries and making mining the third pillar of
Saudi industry, complementing Saudi Aramco and SABIC. We are pleased to have Alcan
as our partner for this project. Alcan's global experience combined with their
team's strong operating capabilities will prove vital in delivering long term
success."

Utilizing the Az Zabirah bauxite mine which has proven reserves for about 30 years,
the project will establish an alumina refinery with an annual capacity of 1.6
million tons to feed the aluminium smelter at Ras Az Zawr. The smelter will be
designed to accommodate a potential expansion of four additional lines that could
increase annual production by over 1.4 million tons. A large power plant supplying
1,400 megawatts of energy and desalinated water to the project, and potentially
surplus power to the national grid, will also be constructed in Ras Az Zawr. The new
North South Railroad funded by the Public Investment Fund (PIF) will be used to
transport four million tons of bauxite per year the 600 kilometres to Ras Az Zawr
where there will also be a three berth panamax port facility.

Readily available supplies of locally sourced raw materials and the abundance of
local dedicated energy resources will ensure that the project competes effectively
in global markets. The fully integrated complex at Ras Az Zawr will provide
economies of scale and achieve freight advantages through easy access to key
markets.

Ma'aden recently announced a SR13 billion (USD 3.4 billion) strategic partnership
agreement with SABIC to produce 3 million tonnes per year of Diammonium Phosphate
Fertilizer from phosphate rock mined in the north of Saudi Arabia and processed at
Ras Az Zawr.


Web Site = http://www.maaden.com.sa

Contact Details = Steve Wilson
Senior Consultant
Corporate Communications
Ma\'aden
Saudi Arabian Mining Company
PO Box 68861
Riyadh 11537
Kingdom of Saudi Arabia
T: +966 (1) 472 1222 x269
F: +966 (1) 472 1222 x283
M: +966 (0) 50 481 8463
E: wilsons@maaden.com.sa
W: www.maaden.com.sa