Rio Tinto withdraw shares from Alucam

The Canadian firm Rio Tinto Alcan has just made it known to the Cameroonian Government its decision to quit as shareholder of Cameroon aluminum company (Alucam) as from December 31, 2014.

According to the president and CEO of the Metal primary at Rio Tinto Alcan group, Arnaud Soirat, "sustainability of the Alucam group is based on a business plan that meets more strategic priorities" of his firm.

Despite the transfer of its shares, the Canadian wished to however remain a partner of Cameroon who has offered to maintain its contracts for technical and administrative assistance in force until the arrival of a transferee.

It was in December 2003 that Rio Tinto, 2nd world producer of aluminium, repurchased Alucam shares previously held by the French Pechiney.

Negotiations between the Government of Cameroon and the transferee (co-owners of Alucam 46.7% each will culminated in October 2005, the signing of a letter of intent for the modernization and expansion of the factory of Edea (Littoral), producing between 90,000 to 300 000 tonnes per year.

The rest of the shareholding structure of this industry is divided between the Agence française de développement (5.6%) and employees (1.1%).