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| January 29, 2008
Alcoa and Brunei Economic Development Board Sign Agreement to Extend Feasibility Studies to Establish a Modern Aluminum Industry in Brunei Darussalam; Youth and Small Business Development Program Announced
NEW YORK & BANDAR SERI BEGAWAN, Brunei Darussalam--(BUSINESS WIRE)--Alcoa (NYSE:AA) and the Brunei Economic Development Board (BEDB)
yesterday signed a memorandum of understanding (MOU) to enable more
detailed studies into the feasibility of establishing a modern,
gas-powered aluminum smelter in Brunei Darussalam. This 2008 MOU
supersedes an original MOU signed in 2003 and a supplement to that MOU
signed in 2005.
Under the terms of the 2008 agreement, Alcoa and the BEDB will embark on
the first of two distinct phases of study. Phase One will determine the
optimum scope and dimensions of the proposed facilities, an appropriate
power-delivery strategy, the most desirable location for the facility
and associated port and infrastructure, and opportunities for
synergistic development.
Phase Two of the feasibility studies will commence at the completion of
Phase One, if the parties agree that further, more detailed study is
warranted. This second phase would include a full environmental and
social impact assessment and basic engineering design work for the
facility.
It is envisaged that the facility would have initial operating capacity
of 360,000 metric tons per year (mtpy) with potential for an eventual
600,000 to 700,000 mtpy capacity.
The 2008 MOU will extend for 12 months from January 1, 2008. No date has
been set for completion of Phase One or Phase Two studies.
In signing the MOU, Jon Erik Reinhardsen, Alcoa Vice President and
President of Alcoa’s Global Primary Products
Growth, Energy, Bauxite, and Africa business unit, said that Alcoa was
delighted to be continuing in its relationship with the BEDB.
“We have been working with the BEDB since 2003
and admire the careful and diligent process that they are leading in
order to assist the government in determining the feasibility of
establishing a modern aluminum facility in Brunei Darussalam,”
said Reinhardsen. “We are fully committed to
working through this process with the BEDB and delivering studies that
enable sound, sustainable decisions to be taken.”
Youth and Small Business Development Program
As part of a second MOU signed today, the parties will embark on an
extensive public outreach program that will include a small business
development training component in collaboration with the Ministry of
Culture, Youth, and Sports.
Reinhardsen said Alcoa will commit professional and other resources to
the development and delivery of the small business development program.
“If we proceed with the establishment of the
proposed aluminum facility, it will create long-term, stable employment
within its own boundaries as well as opportunities for generations of
Brunei entrepreneurs,” said Reinhardsen. “We
want to start building the foundation for that opportunity immediately.
The partnership with the Youth Development Centre will enable us to
begin building local value from this project, even during this early
study period.”
Dato Timothy Ong, BEDB’s Chairman of the
Board, said, “The Brunei Economic Development
Board welcomes Alcoa’s interest in investing
in Brunei’s economic development. We look
forward to working with Alcoa on the feasibility of an aluminum smelter
for Brunei and on initiatives to promote small business development in
this country.”
About the Brunei Economic Development Board
The BEDB is a statutory body established in 2001 by His Majesty The
Sultan of Brunei Darussalam to create employment and business
opportunities for its people through partnerships with local and foreign
investors. For more details about the BEDB, please visit www.bedb.com.bn.
About Alcoa
Alcoa is the world's leading producer and manager of primary aluminum,
fabricated aluminum and alumina facilities, and is active in all major
aspects of the industry. Alcoa serves the aerospace, automotive,
packaging, building and construction, commercial transportation and
industrial markets, bringing design, engineering, production and other
capabilities of Alcoa's businesses to customers. In addition to aluminum
products and components including flat-rolled products, hard alloy
extrusions, and forgings, Alcoa also markets Alcoa®
wheels, fastening systems, precision and investment castings, structures
and building systems. The company has 107,000 employees in 44 countries
and has been named one of the top most sustainable corporations in the
world at the World Economic Forum in Davos, Switzerland. More
information can be found at www.alcoa.com.
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