The Coega aluminum smelter project in South Africa has attracted "great interest from a number of industry players," Dick Evans, Alcan Inc. (AL) president and chief executive said on a conference call Wednesday.
It will now take "about a year to pull it all together" and get the project off the ground, Evans noted.
The Canadian company has said it aims to retain between 25-40% of the equity of the project and seek partners for the balance.
South Africa's state-owned development finance concern Industrial Development Corp. said in November it will use experience gained from the Mozal aluminum smelter to support the Coega project.
Alcan has already secured a 25-year supply agreement with South-African energy firm ESKOM Holdings Ltd. for the 720,000 metric tons a year greenfield project.
Project construction is expected to start in 2008, with first metal production expected before the end of 2010.
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