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AMSTERDAM, Netherlands, July 27, 2015 (GLOBE NEWSWIRE) -- (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG") is pleased to announce that it has signed an agreement with Al Braik Investments LLC ("ABI") to develop an advanced silicon metal smelter to be located in KIZAD, Abu Dhabi, United Arab Emirates ("SIMA Project").
The SIMA Project is expected to be the first silicon metal smelter built in the fast growing Gulf Cooperation Council ("GCC") market. Silicon metal demand in the Middle East is currently 70,000 tons per annum, and is expected to exceed 250,000 metric tons per annum by 20251.
Under the terms of the agreement, AMG and ABI are conducting due diligence including finalizing the feasibility study, commercial agreements, project financing and technical specifications prior to making a final investment decision in mid-2016.
The opportunity to expand AMG's existing silicon metal business is in line with AMG's strategy to expand its presence in high growth critical material markets. Dr. Heinz Schimmelbusch, Chief Executive Officer of AMG, stated, "We are delighted to work with ABI to expand AMG's Critical Materials business in the Middle East. ABI's close industrial and governmental ties and expansive network within the region combined with AMG's existing operational know-how, strong customer relationships and knowledge of the European and global markets related to silicon metal provide an excellent framework for success".
Shukri Al Braik, Chairman of ABI stated: "We are pleased to finally see SIMA come to fruition thanks to the strategic tie up with our world class partner, AMG. Together we plan to cement our first mover advantage and unlock significant value for the region and our companies alike".
1) Source: CRU, Silicon Metal Market and Competitive Analysis Study: A Focus on the Middle East, April 2013.
AMG is a global critical materials company at the forefront of CO2 reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.
AMG Critical Materials produces aluminum master alloys and powders, titanium alloys and coatings, ferrovanadium, natural graphite, chromium metal, antimony, tantalum, niobium and silicon metal. AMG Engineering designs, engineers, and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.
With approximately 3,000 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, the United States, China, Mexico, Brazil and Sri Lanka, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).
About Al Braik
Al Braik is a diversified industrial holding company founded in 2007 to consolidate various subsidiaries which have been operating since 1985. Al-Braik Investment LLC is based in the United Arab Emirates. The Al Braik group companies specialise, in particular, in construction and construction support services, real estate, and oil & gas, in the Gulf Cooperation Council and sub-Saharan Africa regions (www.albraik.ae).
For further information, please contact:
AMG Advanced Metallurgical Group N.V.
Steve Daniels +1 610 293 5804
Vice President of Investor Relations
Certain statements in this press release are not historical facts and are "forward looking." Forward looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. These forward-looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.
July 27 2015 http://hugin.info/138060/R/1941149/701397.pdf
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