Mr Mahmood Hashim Al Kooheji chairman of Alba's Board said that Aluminium Bahrain BSC remains on target to exceed the 2011 production of 881,310 MT while at the same time focusing on future growth strategies.
Mr Mahmood Hashim Al Kooheji said that “2012 has been a volatile year for the aluminium industry however even in the face of tough market conditions Alba has remained resilient by bolstering its operational performance.”
The Board gave its approval to the 2013 Annual Operating Plan, the 2013 Capital Expenditure Plans, the 2012 Corporate Governance Report and the Q3 2012 Financial Statements.
The Board reviewed overall company performance as well as updates from the Board Audit, Human Resource and Board Strategic Committees. And based on the recommendations of the Board Strategic Committee, the Board approved the launch of the Line 6 bankable feasibility study, which will play a major role in Alba's growth history. Line 6 expansion projects are expected to add an additional capacity of 400,000 tonnes bringing Alba's total production to 1.3 million tonnes per annum.
The Board undertook a self performance evaluation during the meeting. The individual directors made a complete declaration as per the guidelines outlined in the corporate governance code. The Alba Board of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Chairman of the Board Mr Al-Kooheji include Mr Fawzi Ahmed Kanoo, Mr Yusuf Abdulla Taqi, Mr Shaikh Mohammed bin Khalifa Al Khalifa, Mr Osama Mohammed Al Arrayedh and Mr David Meen. The two directors appointed by Sabic Industrial Investments Company are Mr Mutlaq Hamad Al Murished and Dr. Talaat Dhafer Al Qahtani and the independent director Mr Abdul Aziz Al Humaid.
The meeting was attended by Alba's Senior Executive Management Team led by, Alba's Chief Executive Officer, Mr Tim Murray, Chief Marketing Officer Mr Jean Baptiste Lucas, Chief Support Functions Officer Mr Basem Al Sharqi, Acting Chief Finance and Supply Officer Mr Ali Al Baqali and other company officials.
Mr Al Kooheji expressed his sincere thanks and appreciation to the Government of Bahrain led by His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa, and His Royal Highness the Crown Prince and Deputy Supreme Commander, Prince Salman bin Hamad Al Khalifa.
Mr Al Kooheji also expressed his gratitude for the continuous support of the Kingdom of Saudi Arabia and the Custodian of the Two Holy Mosques King Abdullah bin Abdul-Aziz Al Saud. The Board expressed thanks and appreciation to the Senior Executive Management Team, the managers, Alba employees and their representatives in the Alba Labour Union for their hard work and their support to enhance and develop the company's operations.