The company recorded RM86 million in earnings for the financial year ended 2010.
Press Metal was a proxy to the commissioning of Bakun dam because of its first-mover advantages with its aluminium smelter plant in Mukah.
The plant currently runs on a production capacity of 120,000 metric tonnes.
The resolution of the tariff structure should pave the way for Press Metal to execute Phase II of its capacity expansion plan costing US$600 million, taking advantage of the access to cheap power from Bakun dam.
Press Metal has strong bargaining leverage in securing power off take at favourable terms from the Bakun dam as it is the only energy-intensive player currently operational in the Sarawak Corridor of Renewable Energy (SCORE).
It was reported that the Sarawak state government had in September 2010 offered over RM6 billion to acquire the Bakun dam from the federal government and will raise its bid to more than RM7 billion if the federal government offers a flexible payment mode.
Meanwhile, the ownership status and tariff structure is expected to be finalised soon as the dam is expected to be commissioned by May 2010.
The plant currently runs on a production capacity of 120,000 metric tonnes.
The resolution of the tariff structure should pave the way for Press Metal to execute Phase II of its capacity expansion plan costing US$600 million, taking advantage of the access to cheap power from Bakun dam.
Press Metal has strong bargaining leverage in securing power off take at favourable terms from the Bakun dam as it is the only energy-intensive player currently operational in the Sarawak Corridor of Renewable Energy (SCORE).
It was reported that the Sarawak state government had in September 2010 offered over RM6 billion to acquire the Bakun dam from the federal government and will raise its bid to more than RM7 billion if the federal government offers a flexible payment mode.
Meanwhile, the ownership status and tariff structure is expected to be finalised soon as the dam is expected to be commissioned by May 2010.
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