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Mytilineos Holdings targets development of US$400M alumina plant in Greece

Mytilineos Holdings SA will close a US$400 million investment next month for the development of a new alumina plant in Greece, Reuters reported Nov. 30.

"We hope to start building the new alumina plant ... with an [annual] capacity of 1 million tonnes in 2018," CEO Evangelos Mytilineos said, adding that the move will make the company Europe's top alumina producer.

The group already operates an alumina refinery in the country with yearly production of 820,000 tonnes.

Mytilineos raised €300 million from a five-year bond earlier in 2017, and a portion of the proceeds along with available cash will be used to fund the new facility.

The group, meanwhile, is targeting more than €1.5 billion in sales and a pretax profit of about €200 million euros this year.

The executive also said the company extended a contract to supply alumina to Glencore Plc to 2025, but he did not provide further details. In 2008, Mytilineos signed a 10-year contract, worth about US$2 billion, to supply over 5 million tonnes of alumina to Glencore.