Egyptalum estimates expansion project at EGP 13.9 bn

Egypt Aluminum (Egyptalum) has revised to EGP 13.9 bn its cost estimation for a planned capacity expansion project, the company said in a bourse disclosure (pdf). The company had previously said that the project, which will aim to increase its production capacity to 570K tonnes from 320K tonnes, will cost some USD 600 mn (c. EGP 10.76 bn). Egyptalum had also said it would review on 31 December offers it received in a tender for the project and is looking to finance 70% of the project cost through bank loans.