Kilometres of production lines have sprung to life at the US$5.7 billion (Dh20.93bn) smelter operated by Emirates Aluminium (EMAL) in Taweelah, giving the firm a cash flow early next year but also putting it at the mercy of volatile commodity and debt markets.
The firm’s chief executive, Duncan Hedditch, said it is in the final stages of raising $700 million from an export credit agency and would not face difficulties in funding what could become the world’s largest aluminium production facility. However, he backed away from a spring timeline for a bond put forward by another EMAL executive, saying the firm faced “no time or other pressure”.
“Currently we’re project-financed and now we’re moving into operations, so we need to set up the financial gearing to support the business and deliver the performance we want,” he said. “The bond is a market timing thing. You just watch and wait until the timing and prices suit.”
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