Montreal, Canada — Alcan Inc. (NYSE, TSX: AL) announced today that it will proceed with an investment of approximately US$129 million for its participation in the 2.1 million metric tonne per year (Mtpy) expansion of the Alumar consortium alumina refinery in São Luís, State of Maranhão, Brazil. The expanded refinery, in which Alcan has a 10 percent stake, will have a total capacity of approximately 3.5 Mtpy once completed.
"This investment is fully aligned with Alcan's value maximization strategy, which involves growing alumina revenues through the expansion of large-scale, cost-advantaged assets," said Jacynthe Côté, President and Chief Executive Officer, Alcan Bauxite and Alumina. "With increasing global demand for alumina, this investment will boost Alcan's access to a competitive source of alumina in the Atlantic region," Côté added.
The Alumar refinery is already best-in-class in terms of conversion costs, and also has an excellent track record in the area of sustainability, including environment, health and safety. "Its superior performance in these areas is closely aligned with Alcan's commitment to pursue business opportunities that strengthen Alcan's ability to provide a prosperous and sustainable environment for future generations," continued Côté.
The expansion, which will begin operation in the first half of 2008, will increase Alcan’s overall alumina capacity by 210 thousand tonnes per year. With Alcan, the Alumar refinery is jointly owned by Alcoa (54 percent) and BHP Billiton (36 percent).
Alcan is a multinational, market-driven company and a global leader in aluminum and packaging. With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, aerospace applications, bauxite mining and alumina processing, today’s Alcan is well positioned to meet and exceed its customers' needs for innovative solutions and service. Alcan employs almost 70,000 people and has operating facilities in 55 countries and regions.
Statements made in this press release which describe the Company's intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and that the Company's results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Form 10-Q for a summary of major risk factors.
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