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27 tigers and three lions died from bird flu at My Quynh Safari in Long An province from September 6 to 18, according to media reports
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Emal to Raise $700m for Smelter
DUBAI — Emirate’s Aluminium, or Emal, which has plans to become the world’s biggest single aluminium smelter, expects to raise $700 million from credit agencies by next month, the company’s finance chief said on Tuesday.
So far there has been no difficulties in raising funds for the project’s phase two, Chief Financial Officer Bill Campbell told Reuters.
“We are raising $700 million from Export Credit Agencies which is in a cash closing position and is expected to close next month,” he said.
Emal is a 50-50 joint venture between Dubai Aluminium Company Limited (Dubal) and Mubadala Development Company (Mubadala), Abu Dhabi’s investment vehicle.
He also said the company would raise a $700 million amortising bond in March/April, with an average life of 7.5 years.
“The remaining $600 million will be raised from shareholders Mubadala or Dubal or money earned or savings,”|he added.
Emal will start its first exports shipment in January, Campbell said.
The $5.7 billion project, located at Al Taweelah in Abu Dhabi, will have a full production capacity of 700,000 metric tonnes of aluminium per year from the first phase, expected to be reached by December 2010.
Phase one is expected to break even in June 2011, Campbell said, adding that “price assesment is well below prices today”.
Waleed Al Muhairi, Mubadala’s chief operating officer, said in November the joint venture’s production would start in December.
The decision about the start of phase two will be made before June 2010.
However, Campbell said the construction of phase two was significantly under budget.
“It’s 75 percent completed versus a plan of 72 percent so 3 per cent ahead of target,” he said.
The second phase would increase capacity to 1.4 million tonnes of aluminium per year, and is expected to be completed in 2013-2014. —
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