Aluminium Bahrain (Alba) on Sunday announcing its third quarter results said its sales reach $457 million and the smelter was still generating cash despite LME low levels.
“Despite the low LME levels, Alba was able to still generate free cash flow while the majority of the world’s smelters are operating cash negative. The company’s focus on strengthening its competitive edge through improving production processes across the plant has seen the production on pace to surpass 2011 record,” Alba’s Chief Executive, Tim Murray, said.
“Alba’s resilient business model underpins the company’s healthy performance amid the downtrend of LME prices. This has enabled the company to maintain its position as a flagship for Bahrain’s economy and a key driver to the growth of the kingdom’s aluminium sector,” the Chairman of Alba board of Directors, Mahmood Hashim Al Kooheji, added.
“I would also like to express my thanks to the Executive Management team for demonstrating leadership in directing the company’s successful operations and for the team work and support showed by the workforce,” he added.
Alba’s Chief Executive, Tim Murray, Acting Chief Finance and Supply Officer, Ali Al Baqali and Investor and Public Relations Manager, Eline Hilal will hold a conference call on November 05 2012 to discuss Alba’s performance for the third quarter of 2012 as well as outline the company’s priorities for the remainder of this year.
Alba’s settlement of RICO case with Alcoa has a total value of $447 million consisting of $ 85 million cash component along $362 million from long-term alumina sales agreement.