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Angola: Australian mining giant Rio Tinto said its $38 billion acquisition of Alcan does not affect the preparation of its Coega aluminium smelting project near Port Elizabeth.
The board of directors of Alcan has agreed to accept the Rio Tinto offer. Alcan spokesperson Robert Valdmanis said yesterday that the information released by Rio Tinto emphasized that it had “detailedly evaluated the Alcan preparation project plan†and provided guidance on the development of the project, including the Coega smelter project.
Valdmanis said, "The main message of the two sides is that the project has been supported by the company. We believe that the merger of Alcan and Rio Tinto is a strong alliance."
Rio Tinto yesterday announced the acquisition of the Canadian Aluminum Corporation's takeover offer, which far exceeds Alcoa's $28 billion bid. It is reported that the Alcoa acquisition offer may suspend the Coega smelting project.
Alcan announced this week that it has signed a $100 million contract for a joint venture project, including a pre-engineering contract for a smelting project with local construction company Murray & Roberts, which is a decisive step in the implementation of the project.
Alcan said that the preliminary project involves an estimated nine months and will provide the cost budget for the project, which is also a "key link in the construction period."
Alcan said that the second phase of the project is expected to bring capacity to 720,000 tons per year and is currently in preparation for development.
Murray & Roberts was also responsible for the construction of the Mozal and Hillside smelters. The other joint ventures are SNC-Lavalin and Hatch.
Murray & Roberts CEO Brian Bruce stressed yesterday that the project has "great significance" for the company.
Alcan announced last month that it has appointed Brent Hegger as CEO of the smelting project.
Valdmanis confirmed that the company is appointing other key positions. And other financial joint ventures of the project are in high-level negotiations. However, it did not disclose the list of potential joint venture parties. He said, "The current consultation progress is very smooth, and some companies have intentionally participated in the consultation." Project financing is expected to account for 60% of the total investment.
If the financing is resolved, the construction period of the project will start next year.
Alcan will hold 25-40% of the project, while Industrial Development Group will hold 15% of its shares.
The amount of shares held by state-owned energy funds is unknown, and the power joint venture will hold 5% of the shares.
It has taken six years to plan and negotiate the smelting project from Alcan's receipt of the project from Pechiney, France.
The South African government set out to finalize the agreement only after Alcan reached a power supply agreement with Eskom at the end of last year.
Alcoa’s hostile takeover bid for Alcan in April raised questions about whether the project could continue.
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