New details on possible partners in the Coega aluminium smelter project emerged yesterday.

This follows the announcement earlier this week by Alcan that the decision was now expected some time in the first quarter of next year.

Alcan indicated it was considering a stake in the project of between 20% and 35%. Pechiney, the original aluminium partner which was bought out by Alcan, had initially indicated it would take a 49% stake in the project.

The IDC has indicated it wished to take a 15% stake in the project, while Eskom originally indicated it would like to hold a 12,5% interest. It was unclear yesterday whether Eskom was still interested in a stake, with the electricity utility unable to confirm or deny its involvement.

This leaves at least 50% ownership in the project still unaccounted for.

Francois Truter, an investment projects director at the trade and industry department, said yesterday that the government’s direct involvement would be restricted to the stake held by the IDC, which he said was currently capped at 15%.

“The DTI and Alcan are having interim discussions with other potential investors,” he said. “We foresee that the project will be structured on 40% equity and 60% debt ratio.”

“The other main shareholders are foreign, and the BEE equity will be initially funded by the IDC or the National Empowerment Fund.”