29/09/2016 05:42 AST
Aluminium Bahrain (Alba), the Bahrain-based international aluminium smelter, has been performing reasonably well in light of the market conditions, 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 third quarterly meeting for this year, held today (September 28) at Alba.
Shaikh Daij said: “We are pleased with the tremendous success of the recent $1.5 billion financing which was the largest corporate loan in the history of the Bahrain. Alba is focused on its future growth strategies and we remain committed to deliver Line 6 on schedule and below the budget.”
Alba’s Line 6 Expansion Project is one of the largest brownfield developments in the region. Expected to begin production by early 2019, this project will boost the smelter’s per-annum production by 540,000 metric tonnes, bringing its total production capacity to around 1.5 million metric tonnes per year.
With a capex of approximately $3 billion, the Line 6 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.
During the meeting, the board approved the minutes of the previous meeting, which was held on June 1, 2016, the half-yearly financial statements as well as 2017 marketing plan.
In addition, the board reviewed reports of the executive committee, board audit committee, and the nomination and remuneration committee while updates were also given on reports related to safety, financial performance, Line 6 Expansion Project, Project Titan – Phase II and industry market trends.
In addition to Shaikh Daij, the board comprises six directors appointed by Bahrain Mumtalakat Holding Company - Yousif Abdulla Taqi, Osama Mohammed Al Arrayedh, Fahad Nasser Al-Hazzani, Dr Mohamed Kameshki and Suha Karzoon; two directors appointed by Sabic Industrial Investments Co (SIIC) - Fahad S. Al Sheaibi and Khalid Al-Garni; and two independent directors -- Abdul Aziz Al Humaid and Mutlaq Al-Morished.
Alba currently produces more than 960,000 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.
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