By Andy Sambidge
Aluminium Bahrain says new output high achieved despite 'challenging year' for industry
Aluminium Bahrain, also known as Alba, announced on Sunday it had set a new production record in 2012.
Alba's 2012 production of 890,217 metric tonnes per annum (mtpa) was a jump of 8,907 metric tonnes from the 881,310 mtpa produced in 2011, it said in a statement.
Tim Murray, CEO, added: "2012 was a challenging year for the aluminium industry however Alba's commitment to operational improvement resulted in achieving the record in metal production without incurring any significant additional capital expenditures."
The company's chief operations officer, Isa Al-Ansari, said: "Alba's achievement was made possible by its dedicated workforce and great teamwork. We are proud to once again have achieved the record in production and look forward to even more in 2013."
Alba's high-grade aluminium product range includes standard and T-ingots, extrusion billets, rolling slab, properzi ingots and molten aluminium. They are produced to high purity standards that exceed 99.9 per cent.
Alba, which owns the world's fourth-largest aluminium smelter, said earlier on Sunday that it received two loans from banks to refinance a $169m bond maturing in March 2013.
Alba, 69 percent owned by Bahraini sovereign wealth fund Mumtalakat and 20 percent by the Saudi government, said it obtained a five-year $85m loan from Bahrain's Gulf International Bank according to a statement on the Bahrain bourse.
The company also received a three-year $84m loan from a group of banks including Ahli United Bank, National Bank of Bahrain, Bank of Tokyo-Mitsubishi UFJ Ltd, Bank of Bahrain and Kuwait and Arab Banking Corporation.
In December Alba said it had hired Bechtel Canada to conduct a feasibility study for its proposed $2.5bn expansion plan to add a sixth production line.
The new line - which will add 400,000 tonnes annual capacity to its current production of 881,000 tonnes a year - could be completed by early 2015.For all the latest industry news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.