Montreal, Canada — Alcan Inc. (NYSE, TSX: AL) announced today that it will conduct a new feasibility study for the construction of a new aluminium smelter in Coega, Eastern Cape Province, South Africa with the South African Government and their Industrial Development Corporation (IDC).
"Together, we are continuing to examine the best value-creating alternatives offered by the Coega aluminum smelter project," said Cynthia Carroll, President and Chief Executive Officer of Alcan’s Primary Metal Group. "The focus of this new study will be the use of the highly efficient and advanced AP30 or AP35 smelting technologies," she added.
This initiative is a direct result of on-going talks held between Alcan and a South African Government delegation led by the Department of Trade and Industry. The study is scheduled to be completed by the 2nd quarter of 2005.
The Coega Smelter Project is expected to produce up to 660kt of aluminium per annum. If the project receives the go ahead, construction could possibly start as early as the end of 2005 with the first metal produced in 2008. The Coega Industrial Development Zone and new port facility are intended to be a focal point for future foreign investment.
The South African Minister of Trade and Industry, Minister Mandisi Mpahlwa, is pleased with the progress being made on the proposed project thus far.
IDC Acting CEO, Raisibe Morathi, said "IDC welcomes the opportunity to work with Alcan on this exciting development prospect."
Alcan is a multinational, market-driven company and a global leader in aluminum and packaging, as well as aluminum recycling. 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 88,000 people and has operating facilities in 58 countries and regions.
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