ALBA - Aluminum Bahrain BSC
ALBA - Aluminum Bahrain BSC
12/01/2021 | Press release | Distributed by Public on 12/01/2021 08:56
Alba Holds Board Meeting for Q4 of 2021
Aluminium Bahrain B.S.C (Alba), the world's largest aluminium smelter ex-China, held its BoD Meeting in-person for the fourth quarter of 2021, in line with COVID-19 protocols and guidelines by Bahrain National Medical Task Force for Combatting the Coronavirus, on Wednesday 01 December 2021 at Alba Oasis Hall.
The Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, started the meeting by: "thanking the Management team and everyone in the workforce on Alba's record-breaking performance for the 9-months of 2021 and stated that Alba is on track to set new benchmarks by finishing 2021 strong.
Adding further:
We are also pleased to issue a Limited Notice to Proceed, subject to successful financial closure, towards Mitsubishi & SEPCO III Consortium to be the Engineering, Procurement and Construction contractor for the fourth additional block in Power Station 5.
As we chart our way towards integrating ESG in every aspect of our business to meet Bahrain's National Green Initiatives, Power Station 5 - Block 4 will bring us one step closer in our race towards decarbonization in terms of higher efficiency and lower greenhouse gas (GHG) emissions.
Block 4 will add 680.9 MW to Power Station 5's 1,800 MW and scale up its total capacity to 2,480 MW."
During Q4 BoD meeting, the Board of Directors approved the following:
- 2022 Marketing Plan
- 2022 Annual Operating Plan
- Offtake agreement with South32 for the supply of Alumina over 10-year period from 2023 to 2032
- 2022 proposed schedule for the Board and Committee meetings
In addition, the Board approved the Minutes of the previous Board meeting held on 29 September 2021 as well as reviewed Reports of the various Board Committees (Executive Committee, Board Audit Committee and the Nomination, Remuneration and Corporate Governance Committee).
During the meeting, Alba Management highlighted the Company's overall performance in light of market conditions and shared insights in respect to overall Sales despite logistics' challenges, VAP Sales, Safety and ESG, Plant performance, financial performance-to-date, Al Hassalah programme, and Spent Pot Lining Treatment Plant construction progress as well as updates on Alba's 5-year Strategic Initiatives.
Including the Chairman of the Board, Shaikh Daij Bin Salman Bin Daij Al Khalifa, the Alba Board of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company B.S.C. © - Mr. Yousif Abdulla Taqi, Mrs. Suha Karzoon, Shaikh Isa Bin Khalid Al Khalifa, Mr. Tim Murray and Mrs. Rasha Sabkar. The three directors appointed by Sabic Industrial Investments Co. (SIIC) are Mr. Ahmed Al Duriaan, Mr. Iyad Al Garawi and Mr. Omar Al Amoudi and one elected director, Mr. Mutlaq Al-Morished.