The two companies are credited with driving the Gulf’s development of the aluminium industry.

Waleed Al Mokarrab Al Muhairi, chief operating officer of Mubadala, Abu Dhabi’s strategic investor in industrial projects, said that the deal with CBG underpins the company’s strategy to develop ‘a global champion’ in the sector.

Mubadala estimates that its annual bauxite requirement will be 5Mt by 2017.

CBG claims that the deal with Mubadala/Dubal will boost its production from 13.5Mt/yr to 20Mt.