Abu Dhabi: Abu Dhabi's Emirates Aluminium (Emal) is considering issuing bonds worth up to $1 billion (Dh3.67 billion) this year, a financial adviser said yesterday.
Emal is a 50-50 joint venture between Abu Dhabi sovereign investment vehicle Mubadala and Dubai Aluminium (Dubal). "There will be an Emal bond at some point this year," Kelly Thomson, adviser for project and corporate finance said.
Cost
It could be between $750 million to $1 billion, she said, without elaborating.
The original Emal fin-ancing foresaw a $1 billion bond issue but was cancelled due to market conditions, she said.
Emal's $5.7 billion phase one, greenfield aluminium smelter was scheduled for completion last month with capacity of 700,000 tonnes per year of primary aluminium.
Phase two of the project has now begun and will increase capacity to 1.4 million tonnes per year by 2013-14.
