09 December 2004
THE $70 million Bahrain Ferro Alloys (BAFA) Company, the first of its kind small-scale smelter in the region, will start production by March with an annual capacity of 90,000 tonnes per year, a top BAFA official has said, writes Mehmood Rafique.
Habib Ahmed Qassim, Chairman of BAFA's board of directors, told a Press conference that the company with three small smelters would serve as catalyst for serving the aluminium and steel industry across the region.
The company, incorporated in Bahrain in 2002 with an initial capital of $18.5 million, will target the local, regional and international markets to tap the existing opportunities in the raw material for iron, steel and aluminium sectors," he said.
Qassim was speaking after the loan signing ceremony at BAFA offices for another tranche of $8 million. Present were Hussein Mohammed Al Meeza from Imlak Islamic Investment Company, UAE; Abdullah Shuwaiter, second vice-chairman for banking and commercial activities at BAFA and others.
Earlier, BAFA got $11 million loan for the same project from the same group taking the total loan to $19 million.
Qassim said that BAFA had also established another $20 million power producing company called Bahrain Electricity Supply and Transmission (BEST).
"The establishment of power producing company was meant to meet the power demand of 50 MW needed for BAFA production," he said, adding that the shareholders have agreed to merge BAFA and BEST to create a $70 million company. The new company would retain BAFA name.
"Following the merger the capital will be increased from $18.5 million to $30 million," he said, adding that the BAFA would produce ferro manganese, silicon manganese and ferro chrome. We will explore the market across the region, however, Alba could be one of the main targets of our production," he said.
THE $70 million Bahrain Ferro Alloys (BAFA) Company, the first of its kind small-scale smelter in the region, will start production by March with an annual capacity of 90,000 tonnes per year, a top BAFA official has said, writes Mehmood Rafique.
Habib Ahmed Qassim, Chairman of BAFA's board of directors, told a Press conference that the company with three small smelters would serve as catalyst for serving the aluminium and steel industry across the region.
The company, incorporated in Bahrain in 2002 with an initial capital of $18.5 million, will target the local, regional and international markets to tap the existing opportunities in the raw material for iron, steel and aluminium sectors," he said.
Qassim was speaking after the loan signing ceremony at BAFA offices for another tranche of $8 million. Present were Hussein Mohammed Al Meeza from Imlak Islamic Investment Company, UAE; Abdullah Shuwaiter, second vice-chairman for banking and commercial activities at BAFA and others.
Earlier, BAFA got $11 million loan for the same project from the same group taking the total loan to $19 million.
Qassim said that BAFA had also established another $20 million power producing company called Bahrain Electricity Supply and Transmission (BEST).
"The establishment of power producing company was meant to meet the power demand of 50 MW needed for BAFA production," he said, adding that the shareholders have agreed to merge BAFA and BEST to create a $70 million company. The new company would retain BAFA name.
"Following the merger the capital will be increased from $18.5 million to $30 million," he said, adding that the BAFA would produce ferro manganese, silicon manganese and ferro chrome. We will explore the market across the region, however, Alba could be one of the main targets of our production," he said.
© Bahrain Tribune 2004
