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Sheikh Daij: Line 6 gaining momentum

Sheikh Daij: Line 6 gaining momentum



Low prices squeeze Alba sales value

01 June 2016

Aluminium Bahrain (Alba) reported a slump in the first-quarter sales value which it highlighted was due primarily to the collapse of all-in aluminium prices.

The company reported total sales of BD156.5 million ($416 million), down 24 per cent compared with the corresponding quarter of 2015. The sales volume was up 1.4 per cent at 231,538 tonnes compared with the corresponding quarter of last year. Value-added sales averaged 52 per cent of total shipments.
Net income was BD4.2 million compared with BD37.2 million in Q1 2015.

During the first three months of this year, the cash average was $1,515 per tonne, down 16 per cent. There was a significant drop in global physical premiums and LME inventories stood at 2.8 milion tonnes in March.

Alba’s chairman Sheikh Daij bin Salman Al Khalifa commented: “Despite weak market sentiment coupled with low LME prices, Alba still recorded a positive net income. Line 6 continues to gain momentum and we look forward to working with Bechtel who got recently appointed as EPCM contractor.”

The $3 billion Line 6 expansion project will make Alba the world’s largest single-site aluminium smelter. Expected to begin production by early 2019, it will boost annual production capacity by 540,000 tonnes to around 1.5 million tonnes. 

Alba’s chief executive officer Tim Murray added: “Alba was able to sustain its intrinsic financial performance in the face of very difficult market conditions thanks to the support of our dedicated workforce. We will continue to drive operational performance and do more than necessary to bolster Alba’s performance despite the challenging market conditions.”

The smelter held a Supplier and Contractor Forum for its Line 6 expansion. It provided a general overview of the project and further insights on the contractors’ registration, bidding and evaluation process along with the project’s opportunities to local suppliers and contractors.

Present were Sheikh Daij, Murray, chief financial officer Ali Al Baqali, Line 6 project director Shawqi Al Hashimi, president of Bechtel Mining & Metal Global Business Unit Shaun Kenny and Bechtel  Mining and Metal regional manager Shane Hall.

Tim Murray and Ali Al Baqali

Tim Murray and Ali Al Baqali

“Line 6 is a historical project that will bring success and sustainability not just to Alba but also to Bahrain,” Sheikh Daij told the forum.

“Alba believes in transparency and maintaining the highest standards of ethical and professional behaviour in all its operations. By adhering to to Alba’s principles of safety, professionalism and openness, we look forward to delivering on our goals and achieving success,” he added.

 

HONOURED

The company was presented with the British Safety Council’s International Safety Award (Gold). Murray received it at a ceremony in London.

“Alba believes that employee safety and health are the two most important factors that affect our productivity and overall performance. Over the recent years, Alba has maintained an excellent track record of safety and health and winning an international recognition is a testimony to our efforts,” said Murray.

Chief finance officer Al Baqali figures in the top 50 of the “Who’s Who in Middle Eastern Finance 2016” list announced by the well-known Global Finance magazine.

He is among five CFOs in Bahrain who feature in the list.

“It is a moment of pride for us that Ali has been recognised as one of the leaders in the region’s financial list,” said Murray.

 

CRU EVENT

Alba was a key sponsor of the Commodity Research Unit (CRU)’s 21st World Aluminium Conference that took place from 9 to 11 May 2016, at the Westin Bund Hotel, Shanghai, China.  

Murray and chief marketing officer Khalid Abdul Latif attended this three-day event along with other Alba officials. 

 

SUMMER CAMPAIGN

Alba unveiled its plant-wide safety, health and environment (SHE) summer safety campaign. The campaign will focus on all aspects of heat stress, heat exhaustion and challenges caused by the hot weather as well as on general safety topics.

Chairman Sheikh Daij inaugurated  the drive.




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