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NEW YORK--Alcoa (NYSE:AA) announced today that the Company has signed a memorandum
of understanding (MOU) with the Government of Angola to explore
development of a 750,000 mt per year aluminum smelter using power from
hydroelectric facilities under consideration by the Government.
Under the agreement, both sides will begin a series of feasibility
studies to determine the viability of the project. The MOU provides for
a 12-month exclusivity period to negotiate a power contract and
cooperation agreement. If the project moves forward, first metal from
the smelter would be produced in 2020.
Angola has significant capacity for developing hydroelectric facilities
and intends to use that capacity to attract energy intensive industries
to the country. The country has committed to allocate 1,300 megawatts of
firm power capacity for the aluminum industry.
“Alcoa is interested in pursuing projects that lower our cost position,”
said Ken Wisnoski, president of Alcoa’s Growth group. “We believe the
Angola Government’s proposal to provide hydroelectric power offers great
potential and we are pleased to have the opportunity to work together on
Alcoa is the world’s leading producer of primary and fabricated
aluminum, as well as the world’s largest miner of bauxite and refiner of
alumina. In addition to inventing the modern-day aluminum industry,
Alcoa innovation has been behind major milestones in the aerospace,
automotive, packaging, building and construction, commercial
transportation, consumer electronics and industrial markets over the
past 120 years. Among the solutions Alcoa markets are flat-rolled
products, hard alloy extrusions, and forgings, as well as Alcoa® wheels,
fastening systems, precision and investment castings, and building
systems in addition to its expertise in other light metals such as
titanium and nickel-based super alloys. Sustainability is an integral
part of Alcoa’s operating practices and the product design and
engineering it provides to customers. Alcoa has been a member of the Dow
Jones Sustainability Index for nine consecutive years and approximately
75 percent of all of the aluminum ever produced since 1888 is still in
active use today. Alcoa employs approximately 59,000 people in 31
countries across the world. More information can be found at www.alcoa.com.