Alba on track to meet its production growth targets
OREANDA-NEWS. Aluminium Bahrain B.S.C. (Alba), one of the world’s leading aluminium smelters, is on track to exceed its annual production growth targets 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 the year 2015, which was held on Wednesday, September 30, 2015 at Alba.
The Board approved the appointment of Khalid A. Latif as Chief Marketing Officer (CMO) with immediate effect.
The Board also approved the 2016 Marketing Plan, the half-yearly financial statements along with the recommendation to distribute interim cash dividends of BD 7.77 million (US\\$ 20.66 million)
The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “I, take the opportunity, to welcome Khalid A. Latif as a key member of the Executive Leadership Team. We are confident that Khalid will play a major role in flexing Alba’s marketing strategy to meet its growth targets despite low LME prices as well as expanding Alba’s footprint globally”.
The Board approved minutes of the previous meeting, which was held on June 10, 2015. The Board directors also reviewed the reports of the Board Executive Committee, Board Audit Committee, and the Nomination and Remuneration Committee.
In addition, updates were given by Alba Management on Line 6 Expansion Project, Safety, Financial Performance and Project Titan; also, a review was given by Alba Management on LME market forecasts for 2016 and beyond.
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 931,000 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:
Line 6 Expansion Project, expected to begin production by early 2019, will boost the per-annum production by 514,000 metric tonnes, bringing the total production capacity of Alba to around 1.450 million metric tonnes per year. Bechtel Canada completed the Bankable Feasibility study for the \\$3.5 billion Line 6 Expansion Project in December 2014. DX+ Technology is selected as the base for Line 6, while J.P. Morgan, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) are the Financial Advisors of the Project. The Line 6 Expansion Project will enhance the downstream industry by creating many co-investment opportunities through local and foreign aluminium investments. It will create hundreds of jobs, directly and indirectly, which will be a significant economic boost for the Kingdom of Bahrain.