Aluminium Bahrain B.S.C. (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 fourth quarterly meeting for the year 2016, which was held on Wednesday December 07, 2016 at Alba.
The Board approved the minutes of the previous meeting, which was held on Wednesday September 28, 2016 as well as reviewed the reports of the Board Executive Committee, Board Audit Committee and the Nomination and Remuneration Committee during the meeting.
At this meeting, the Board reviewed and approved the 2017 Annual Operating Plan. . In addition, the Board reviewed the 2016 Corporate Governance Report and Q3 2016 Financial Statements. The Management gave an update on Safety, the progress of Line 6 Expansion Project, Project Titan – Phase II and the Financial Performance for which Alba is expecting a strong finish for 2016.
The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
“We are pleased with the continued progress on the Line 6 Expansion Project – Alba successfully closed US$ 1.5 billion syndicated loan tranche and we are optimistic to secure an additional US$ 1 billion in Export Credit Agency (ECA) backed financing within the 1st quarter of 2017.”
In addition, the Board reviewed the results of the investigation into the allegations against the Alba Labour Union (ALU). After a thorough review of the evidence, several decisions were taken by the Board and the Management has been instructed to implement the necessary corrective actions immediately. Furthermore, Alba will be reviewing some of the findings with the relevant Bahrain authorities where applicable.
The Board, also, approved the appointment of Amin Sultan as Chief Operations Officer (COO) with immediate effect.
The Alba Board of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Chairman of the Board, Shaikh Daij Bin Salman Bin Daij Al Khalifa include Yousif Abdulla Taqi, Osama Mohammed Al Arrayedh, Fahad Nasser Al-Hazzani, Dr. Mohamed Kameshki and Suha Karzoon. The two Directors appointed by Sabic Industrial Investments Co (SIIC) are Fahad S. Al Sheaibi and Khalid Al-Garni and two independent Directors, Abdul Aziz Al Humaid and Mutlaq Al-Morished.
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 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.
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 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 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 Limited, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) are the Financial Advisors for this Project.
The Bankable Feasibility Study was completed by Bechtel in December 2014. In June 2015, Alba Board approved the Line 6 Expansion Project and in November 2015, Alba secured the natural gas supply for this Project.
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:
Manager – Investor Relations, Public Relations & Corporate Secretary
Investor Relations & Public Relations Department
Tel: (973) 1783 5100 (direct)
Fax: (973) 1783 3822
E-mail: [email protected]
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