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Aluminium Bahrain B.S.C. (Alba), the first aluminium smelter in the Gulf region, has been making steady strides in the construction of its landmark Line 6 Expansion Project in order to meet the First Hot Metal (FHM) schedule on January 01, 2017 according to a statement issued by the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa.
The statement was made following the fourth quarterly meeting for the year 2017, which was held on Thursday December 14, 2017 at Alba.
The Board approved the minutes of the previous meeting, which was held on Wednesday September 27, 2017 as well as reviewed the reports of the Executive Committee, Board Audit Committee and the Nomination and Remuneration Committee during the meeting.
The Board reviewed and approved the 2018 Annual Operating Plan, Corporate Governance Report as well as Q3 2017 Financial Statements. In addition, the Executive Management gave an update on Safety, Line 5 Recovery and metal production, the progress of Line 6 Expansion Project, Project Titan – Phase II, Industry Outlook and the overall Financial Performance of the Company.
Adding further, Shaikh Daij Bin Salman Bin Daij Al Khalifa:
“As we approach 2017 year-end, we remain confident to have a strong finish in light of the market conditions coupled with the safe recovery of Line 5.
We also remain on track with the progress of Line 6 Expansion Project, which upon completion, will transform Alba to be the largest single-site smelter in the world.”
In addition to the Chairman of the Board, Shaikh Daij Bin Salman Bin Daij Al Khalifa, the Alba Board of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company – Mr. Yousif Abdulla Taqi, Mr. Osama Mohammed Al Arrayedh, Mr. Yaser E. Humaidan, Dr. Mohamed Kameshki and Mrs. Suha Karzoon. The two directors appointed by Sabic Industrial Investments Co (SIIC) are Mr. Ahmed Mohammad A. Al Jabr and Mr. Ali Al Shamrani and two independent directors, Mr. Uwaidh Al Harethi and Mr. Mutlaq Al-Morished.
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About Alba
Aluminium Bahrain B.S.C. (Alba) - one of the largest and modern aluminium smelters in the world - is renowned for its premium grade aluminium products, technological strength and innovative policies, strict environmental guidelines and high track record for safety. Established in 1971 as a 120,000 tonnes per annum smelter, Alba today produces more than 971,000 metric tonnes per annum of the highest grade aluminium, with products including standard and T-ingots, extrusion billets, rolling slab, properzi ingots, and molten aluminium.
Alba is listed on both the Bahrain Bourse and London Stock Exchange, and the Company’s shareholders are Bahrain Mumtalakat Holding Company (69.38%), SABIC Industrial Investment Company (20.62%) and the General Public (10%).
About Line 6 Expansion Project
Alba’s Line 6 Expansion Project is one of the largest brownfield developments in the region. Expected to begin production by January 1st 2019, this Project will boost the smelter’s per-annum production by 540,000 metric tonnes, bringing its total production capacity to 1.5 million metric tonnes per year.
With a CAPEX of approximately US$ 3 billion, the Line 6 Expansion Project involves the construction of a sixth pot line utilising EGA’s proprietary DX+ Ultra Technology, a 1,792 MW power station and other industrial services.
Bechtel is the EPCM contractor for the Line 6 Expansion Project smelter. For Power Station 5 (PS 5), GE and GAMA Consortium was awarded the EPC contract, while Siemens is the Power Distribution System contractor. J.P. Morgan, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) are the Financial Advisors for this Project.
In June 2015, Alba Board approved the Line 6 Expansion Project and in November 2015, Alba secured the natural gas supply for this Project.
Alba successfully closed a US$ 1.5 Billion syndicated term-loan facility comprising two tranches: Conventional Facility & and Islamic Facility in October 2016 as well as c. US$ 700 million Export Credit Financing (Euler Hermes and SERV-covered facilities) in July 2017. The Company is looking to secure the second tranche of the Export Credit Agency (ECAs) within the second half of 2017.
The Front End Engineering Design (FEED) study for the Project was completed in the first quarter of 2017 while the construction site-works have started in the second quarter of 2017 and will be completed by September 2017. Alba has laid the First Concrete in Potline 6 Foundation in May 2017 wherein the concrete foundations will reach 85,000 m3 upon completion by December 2018.
The Line 6 Expansion Project will make Alba the world’s largest single-site aluminium smelter and be a significant economic boost for the Kingdom of Bahrain due to the many co-investment opportunities through local and foreign aluminium investments.
For further details, please contact:
Eline Hilal
Manager – Investor Relations & Corporate Secretary
Investor Relations Department
Tel: (973) 1783 5100 (direct)
Fax: (973) 1783 3822
E-mail: eline.hilal@alba.com.bh
Website: www.albasmelter.com
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