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Aluminium Bahrain B.S.C. (Alba), the Bahrain-based leading international aluminium smelter, announced the completion of Project Titan - Phase I with a final actual figure of $148 per metric tonne against the set target of $150 per metric tonne.
The results of Project Titan - Phase I was measured against baseline of 2013 actuals and focused mainly on creating a competitive and sustainable cost structure.
Commenting on this milestone, CEO Tim Murray said:
"We are pleased with the overall success of the first Phase of Project Titan, having nearly achieved the set target of $150 per metric tonne. Through this Project, we were able to leverage the use of our operational excellence as well as train and develop the next generation of leaders from within the Company.
Given the current LME market pressures and rising gas price over the coming years, it is critical that Alba continues to adopt measures to improve its efficiency. In line with this objective, Alba will soon embark on Phase II of Project Titan, which will be crucial to maintaining our position as one of the leading, low cost producers in the aluminium industry."
Directed by Alba's Chief Executive Officer, Tim Murray, Project Titan was a two-year efficiency programme that commenced in February 2014 with an aim to drive revenue growth and boost profitability. This project looked at ways and means to generate significant amount of savings, majority of which will be invested in projects that will drive future growth in strategic areas of business.
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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 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:
Line 6 Expansion Project, expected to begin production by early 2019, will boost the per-annum production by 540,000 metric tonnes, bringing the total production capacity of Alba to around 1.5 million metric tonnes per year.
Bechtel Canada completed the Bankable Feasibility study for the $3.5 billion Line 6 Expansion Project in December 2014. EGA's DX+ Ultra 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.
For further details, please contact:
Shreedevi Menon
Public Relations Officer
Aluminium Bahrain B.S.C. (Alba)
Tel: (973) 1783 7357
Fax: (973) 1791 1105
E-mail: shreedevi@alba.com.bh
Website: www.albasmelter.com.bh
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© Press Release 2016
