Trafigura, a large commodities supplier, has signed a term sheet with Egyptian Aluminium Company (Egyptalum) and the Metallurgical Industries Holding Company (MIH) to develop a new aluminum smelter at the Nag Hammadi complex. 

The project includes a 300,000-tpa primary aluminum smelter and a 150,000-tpa anode plant, with total investment estimated at $750-900 million.

Once completed, the new facilities would nearly double the site’s current annual output. Trafigura will act as a minority equity investor, debt provider, and long-term offtake and feedstock supplier.

The smelter aims to boost primary aluminum supply amid Middle East conflict-related disruptions and historically low global inventories outside China.