January
21, 2004
Venezuela Alcasa sees 2004 output
at 202,000 tns
(Reuters) - "Venezuela's state-run
Alcasa aluminum smelter said it expected to reach
a 2004 output target of 202,000 tonnes as it pressed
ahead with plans to start building a fifth production
line this year.
'Alcasa is prepared to reach its target of 202,000
metric tonnes of primary aluminum for sale in
2004 and continue its expansion projects,' the
company said in a statement.
The smelter, operated along with the larger Venalum
plant by Corporacion Venezolana de Guayana (CVG),
also said the National Assembly finance commission
had approved a capitalization of $98 million of
its debt with the government.
CVG said in October it plans to finalize the contracts
for the construction of Alcasa's fifth production
line in the second quarter of this year.
Last May, CVG signed a initial deal with Glencore
International AG for the $650-million project
to build a production line to double the plant's
output capacity to around 450,000 tonnes a year.
Glencore leads a consortium with French firm Pechiney
(PECH.PA: Quote, Profile, Research) and U.S. constructor
Fluor Daniel (FLR.N: Quote, Profile, Research)
.
The Alcasa "Line V" project is part
of plans for Venezuela's state-run aluminum industry
to gradually expand its total annual output to
around one million tonnes. Venalum has an installed
capacity of 430,000 tonnes per year.
Eighty percent of Venalum belongs to a wholly
owned subsidiary of CVG with 20 percent held by
six Japanese firms -- Showa Denko K.K. (4004.T:
Quote, Profile, Research) , Kobe Steel Ltd. (5406.T:
Quote, Profile, Research) , Sumitomo Chemical
Co. Ltd. (4005.T: Quote, Profile, Research) ,
Mitsubishi Materials Corp. (5711.T: Quote, Profile,
Research) , Mitsubishi Aluminum Co. Ltd. and Marubeni
Corp. (8002.T: Quote, Profile, Research)¨
.
