DUBAI (Zawya Dow Jones)--Saudi Arabian Mining Co. (1211.SA), or Maaden, said Monday it has awarded South Korea's Hyundai Engineering & Construction Co Ltd. (000720.SE) a contract worth $1.5 billion to build the alumina refinery for its joint venture project with U.S.-based Alcoa Inc. (AA) in the kingdom. The joint venture, known as Maaden Bauxite and Alumina Co., has signed a letter of intent to award Hyundai E&C a contract to build the alumina refinery, the company said in a statement posted on the Saudi market website. The duration of the contract will be 29 months from the date of signing it, according to the statement. Maaden Bauxite and Alumina Co. is owned 74.9% by Maaden and 25.1% by Alcoa and comprises a bauxite mine and an alumina refinery project. It is the second phase of the $10.8 billion, fully-integrated aluminum complex that Maaden is developing with Alcoa, which will include an integrated alumina refinery, aluminum smelter and rolling mill at Ras Al Khair on Saudi's eastern coast on the Persian Gulf. Maaden added Monday that a contract--related to the alumina refinery--previously awarded to the joint venture of Fluor Corp. (FLR) and Worley Parsons Ltd. (WOR.AU) has now been amended to be limited to project management. The alumina refinery is part of Maaden Aluminum Complex at Ras Al Khair in the Eastern Province with an annual production capacity of 1.8 million tons. -By Iman Dawoud; Dow Jones Newswires;+971 444 1693; firstname.lastname@example.org Copyright (c) 2012 Dow Jones & Co.