Saudi Arabian Mining Company (Maaden) [1211.SE] has announced the start of commercial production of the bauxite mine and alumina refinery of its subsidiary Maaden Bauxite and Alumina Company on 1 October 2016. The company added that the alumina refinery had achieved stable operations and will ramp up production to reach its full capacity of 1.8mn tonnes of alumina per year by early 2017. At full production, the alumina refinery will fully meet Maaden’s smelter requirement of 1.4mn tonnes of alumina per year, and the surplus will be sold in both regional and international markets. Note that the financial impact of the start of commercial production will be reflected on 4Q16 results. (Company disclosure)   Maaden: SAR30.18 as of 29 September 2016, Rating: Sell, FV: SAR30.00 per share, MCap: USD9,404mn, MAADEN AB / 1211.SE