Definitive Feasibility Study Commences at Alcan's Gove Alumina Refinery in Australia's Northern Territory
02/12/2003
Montreal, Canada — Alcan Inc. (NYSE, TSX: AL) today announced a definitive feasibility study, a significant step forward towards a potential expansion of its alumina production capacity at Alcan Gove. The proposed expansion would increase the capacity of the refinery from 2 million tonnes per year to 3.5 million tonnes per year using proprietary Alcan technology to increase operating efficiency.
"The proposed Gove expansion is a key part of our investment strategy to double Alcan's value every five years. It will provide Alcan with an overall alumina production cost that will be below the world average, and will have a very positive impact on environmental performance," said Michael Hanley, president of Alcan's Bauxite, Alumina and Specialty Chemicals Group.
Preliminary engineering and environmental impact studies for the expansion have already commenced for a third production stage at Alcan's Gove refinery. The initiative is part of a strategy to profitably expand alumina production at facilities having advantaged cost positions.
Engineering studies and environmental approvals are expected by mid-2004. During this time, Alcan will work with the Australian government and local stakeholders to ensure that issues such as energy supply, infrastructure and land tenure for the expansion are addressed ahead of final project approval. The expansion should take three years, with increased capacity as early as 2007.
Alcan is a multinational, market-driven company and a global leader in aluminum and packaging with 2002 revenues of US$12.5 billion. With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, Alcan is well positioned to meet and exceed its customers' needs for innovative solutions and service. Alcan employs 48,000 people and has operating facilities in 38 countries.
Statements made in this press release which describe the Company's intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and that the Company's results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Form 10-Q for a summary of major risk factors. |
