Sunstone Development updates progress on UAE anode project

Sunstone Development Co., Ltd. has signed a Joint Development Agreement with Emirates Global Aluminium PJSC (EGA), replacing the previously signed Memorandum of Understanding (MoU) and marking significant progress in their joint venture to build a prebaked anode plant in the United Arab Emirates.

According to the agreement, Sunstone Development will hold a 55% stake in the joint venture, while EGA will hold the remaining 45%. The joint venture will build an anode production plant and related infrastructure in the UAE, with a first-phase production capacity of 300,000 tonnes per annum. A second-phase expansion is under consideration, which would add another 300,000 tonnes per year of capacity.

Both parties will purchase a specified proportion of the anodes produced during the first phase. The joint venture will prioritize supplying anodes to EGA, which will in turn use the anodes to meet the needs of its future smelter expansion projects. The joint venture will also prioritize sourcing raw materials from EGA, based on prevailing market prices.

Construction of the anode plant is scheduled to begin in the second or third quarter of 2026, with commercial production expected to commence by the end of the second or third quarter of 2028.