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Satyendra Pathak
Doha
Qatar Aluminum Manufacturing Company (Qamco) is in advanced stages of talks with top South American suppliers of alumina, the raw material required to
produce primary aluminium, to secure long-term
contracts with them, a top official of the company said on Wednesday.
Talking to Qatar Tribune on the sidelines of the company’s annual general assembly meeting, Qamco Board Member Mohammed Jaber A al Sulaiti said,“We need to renew most of our medium-term contracts with top producers of alumina in South America to ensure that there is no interruption in the supply of the main raw material. We are in talks with a number of producers to secure long-term contracts on competitive terms.”
Sulaiti said, “The group is currently working on achieving the highest level of efficiency with regard to the cost base, improving HSE levels, and securing raw materials on competitive terms to solidify its position in the region among the most cost-effective producers of aluminum in the world.”
Qamco, which holds 50 percent of the issued share capital of Qatar Aluminium (Qatalum), was officially established on December 3, 2018 and listed on the Qatar Stock Exchange.
Taking into account the difficult economic and market conditions in the aluminium industry, he said, the company would continue to make the most of its competitive advantages including access to energy and raw materials at competitive prices and strategic location of its production facilities.
“The company’s strategic alliance with its joint venture partner Norsk Hydro, which supplies Qatalum with technical expertise and also markets its products, is vital for us,” he said.
Earlier addressing shareholders during the meeting, Qamco Chairman Abdulrahman Ahmed al Shaibi said, “During the second half of 2018, Qatalum performed well compared with its counterparts in the region despite the challenges of price fluctuations based on global supply and demand in the metal markets. It is worth mentioning that the strategic location of production facilities in Mesaieed Industrial City and its proximity to the Qatari ports enhances the ease of marketing the company’s products internationally, which supports it in achieving strong cash flows.”
The establishment of Qamco was in support of two main objectives to diversify the value chain of manufacturing industries in Qatar and to find more investment opportunities for Qatari nationals to invest their financial savings and expand their participation in state-owned entities, he said.
As the company was established on December 3, he said, Qamco’s first financial year was only of 28 days in accordance with its Articles of Association. Therefore, he said, the board of directors has decided not to announce the closing statements for 2018 due to the short period of time that does not give the shareholders a clear and complete picture of the company’s performance.
According to Sulaiti, Qamco will announce the first quarter results in April and propose interim
dividends.
Doha
Qatar Aluminum Manufacturing Company (Qamco) is in advanced stages of talks with top South American suppliers of alumina, the raw material required to
produce primary aluminium, to secure long-term
contracts with them, a top official of the company said on Wednesday.
Talking to Qatar Tribune on the sidelines of the company’s annual general assembly meeting, Qamco Board Member Mohammed Jaber A al Sulaiti said,“We need to renew most of our medium-term contracts with top producers of alumina in South America to ensure that there is no interruption in the supply of the main raw material. We are in talks with a number of producers to secure long-term contracts on competitive terms.”
Sulaiti said, “The group is currently working on achieving the highest level of efficiency with regard to the cost base, improving HSE levels, and securing raw materials on competitive terms to solidify its position in the region among the most cost-effective producers of aluminum in the world.”
Qamco, which holds 50 percent of the issued share capital of Qatar Aluminium (Qatalum), was officially established on December 3, 2018 and listed on the Qatar Stock Exchange.
Taking into account the difficult economic and market conditions in the aluminium industry, he said, the company would continue to make the most of its competitive advantages including access to energy and raw materials at competitive prices and strategic location of its production facilities.
“The company’s strategic alliance with its joint venture partner Norsk Hydro, which supplies Qatalum with technical expertise and also markets its products, is vital for us,” he said.
Earlier addressing shareholders during the meeting, Qamco Chairman Abdulrahman Ahmed al Shaibi said, “During the second half of 2018, Qatalum performed well compared with its counterparts in the region despite the challenges of price fluctuations based on global supply and demand in the metal markets. It is worth mentioning that the strategic location of production facilities in Mesaieed Industrial City and its proximity to the Qatari ports enhances the ease of marketing the company’s products internationally, which supports it in achieving strong cash flows.”
The establishment of Qamco was in support of two main objectives to diversify the value chain of manufacturing industries in Qatar and to find more investment opportunities for Qatari nationals to invest their financial savings and expand their participation in state-owned entities, he said.
As the company was established on December 3, he said, Qamco’s first financial year was only of 28 days in accordance with its Articles of Association. Therefore, he said, the board of directors has decided not to announce the closing statements for 2018 due to the short period of time that does not give the shareholders a clear and complete picture of the company’s performance.
According to Sulaiti, Qamco will announce the first quarter results in April and propose interim
dividends.
