EMAL raises $4bn for Phase II expansion

Manufacturer aims to raise funds through export-credit agencies, banks and bond sell-offs

Emirates Aluminium Company (EMAL), a joint venture between Abu Dhabi’s Mubadala and Dubai Aluminium, is reportedly seeking to raise $4bn to finance the Phase II expansion of its smelter.

A report by Bloomberg, quoting a banker familiar with the plan, said EMAL aims to raise $500m in loans from four export-credit agencies, between $2bn and $2.5bn from commercial-bank loans, and the remainder by selling bonds.

The four agencies participating in the project are the Export-Import Bank of the United States, France’s Coface, Germany’s Hermes and the Export-Import Bank of Korea.

The fundraising for the $4.58bn expansion will be completed this year, the banker said. The company’s Phase II expansion aims to increase annual output to 1.3 million metric tonnes by June 2015.

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