“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 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.