Alcan says in no rush to decide on Coega project

Posted On Wednesday, 10 August 2005 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Alcan is taking its time to decide whether to proceed with the $2,5-billion Coega aluminum smelter project in South Africa, the Canadian company's chief executive said yesterday.

 

Property-Housing-ResidentialTravis Engen said Alcan could make a decision this year on the long-delayed 660 000-ton Coega smelter project, but the company is not in a rush.

"On the Coega project, there's been some progress, but there's still a fair amount of work to be done before that can be taken to a point of decision," Engen told Reuters.

"This is a very, very big commitment by anybody who will be involved, so the urgency is to get it right."

In mid-July, the South African government's Industrial Development Corporation said it was ready to take a 15% stake in Coega because it was confident Alcan would go ahead with the project.

Alcan, the world's second-largest maker of primary aluminum, inherited Coega when it took over French rival Pechiney in 2003.

South African power utility Eskom has also agreed to take a stake in Coega and reports have said Russian aluminum producer SUAL is interested.

If Alcan decides to proceed with Coega, located about 20 km from the southern city of Port Elizabeth, construction could begin at the end of 2005 with the first metal being produced in 2008, according to industry estimates.

Last modified on Wednesday, 25 June 2014 18:18

Most Popular

Strong demand boosts Balwin as it claws back three months of no construction activity due to covid lockdowns

May 18, 2021
The Huntsman 2
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Construction kicks-off at the R500-million Boardwalk Mall

May 17, 2021
Architects presective of the exterior  of the Boardwalk Mall
Flanagan & Gerard Group and Emfuleni Resorts, a subsidiary of Sun International (JSE:…

Growthpoint leverages development prowess to re-imagine La Lucia Mall as a vibrant suburban mixed-use experience

May 17, 2021
Growthpoint_Kent_La_Lucia_Residential_Apartments
Growthpoint Properties (JSE: GRT) is applying its development expertise to unlock…

Residential sectional title sales again on the rise

May 27, 2021
Andrew_Golding_Golding_PropertyGroup
Over the past 15 years, the sectional title market in South Africa has become entrenched…

Successful degearing and continued dividend payments has allowed Investec Property Fund to continue rewarding shareholders

May 19, 2021
Andrew_Wooler_IPF (1)
Investec Property Fund, (“IPF”, or “the Fund”) today announced a resilient set of…

Please publish modules in offcanvas position.