by Vimetco 17 Jun 10:22
Amsterdam, 17 June 2008: Vimetco N.V. (LSE: VICO), the global producer of primary and processed aluminium products, today holds its Annual General Meeting where Pierre Baillot, Chairman, will make the following statement:
“Overall sales volume for the year to date continues in line with our expectations.
The past year has seen a number of significant developments for the company in both China and Romania as we continue our ongoing growth strategy of vertical integration and increasing both aluminium production capacity and the production of value-added products.
We completed a successful Initial Public Offering on the London Stock Exchange in August which raised gross proceeds of US$524 million of which US$90 million net was received by the Company and our preliminary results in April reported a 49% increase in revenues to US$1,210 million following the integration of our Chinese operations.
In Romania a key development has been the modernisation of Alro’s hot rolling mill which has substantially increased both processing capacity and quality of product. We have also initiated a joint-project with Interagro for the construction of a power plant that should be operational and supporting our smelter in Slatina by 2012.
In 2007, sales of primary aluminium in China reached 303,000 tonnes, compared to 185,000 tonnes in 2006. The Group added another 110,000 tonnes of annual capacity early in 2008 through the acquisition of Linfeng. The recently announced shareholder loan for up to USD 250,000,000 with our controlling shareholder, Vi Holding N.V. (previously Romal Holdings), will support the funding requirements for additional growth plans that together will increase total production capacity in China by 90% to 775,000 tpa from 2009.
Going forward we are pleased with the progress of our investigations into bauxite mining in both West Africa and India and look to see continued advancement in these plans. We are confident that these and our other ongoing projects will deliver continued growth and positive results for the Company in 2008 and beyond.”