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MEI Online: Plant Operation News: Africa: February 14th 2003


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:: Pechiney Secures 70% Finance For Coega Al Smelter

French aluminium producer Pechiney has secured 70% of the financing for its $2.18 billion new smelter at Coega in the Eastern Cape. The company plans to keep a 35-45% stake in the project and find investors for the balance. South Africa's Industrial Development Corporation and the power utility Eskom are reported to be negotiating a combined stake of 25%, and there is speculation that another large aluminium company could become involved. Cia Vale do Rio Doce, Brazil's largest producer of aluminium and alumina, said in 2002 that it was negotiating for a long-term alumina supply contract for the smelter, and that it could become a 10% partner in the project. A Pechiney spokesman said that the company would not comment on negotiations.




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