AluNews - June 2015

Rio Tinto aluminium smelter in New Zealand faces possible power crunch

The Economic Times - June 30th, 2015

Rio Tinto's aluminium smelter in New Zealand, which has suffered losses in two of the last three years, faces a July 1 deadline to decide whether to extend its power supply contract with utility Meridian Energy .

The decision could determine the future of the 350,000-tonne-per-year smelter, which is the country's single biggest energy consumer, beyond 2017 following a battle by the plant's owners to slash its power costs.

The smelter has struggled with weak aluminium prices and a high New Zealand dollar for several years, and has been seeking cheaper power, even though it returned to an underlying profit of NZ$56 million in 2014 after two years of losses.

The plant was given a NZ$30 million subsidy in 2013 by the government to bridge the price gap between Meridian and the plant's owners, New Zealand Aluminium Smelters (NZAS), which is a joint venture between Rio Tinto and Sumitomo Chemicals.

NZAS also has an option later in the year to reduce the amount of power it buys from Meridian by about 30 percent.

The two sides have been holding talks on the issues, but NZAS declined to comment, while a Meridian spokesman said it did not know what the decision would be.

In April, NZAS Chief Executive Gretta Stephens said in a statement the plant faced "an extremely tough operating environment here in New Zealand."

Some analysts said that the likelihood of the smelter remaining open had increased after the local dollar had fallen 12.6 percent so far this year, improving the smelter's export returns and helping to offset a renewed weakness in aluminium prices which are hovering around one year lows.

"With the lower New Zealand dollar, most expect NZAS will seek to maintain power contracts, with some potential to gain some supply from another generator," said analyst Craig Stent at Harbour Asset Management.

The smelter is one a few worldwide making high-quality aluminium used in plane construction and electronics, and the costs of closing the plant and cleaning up the site has been estimated at hundreds of millions of dollars.

Longer term, the New Zealand power sector regulator is looking at reforms to setting transmission charges which might deliver savings of as much as NZ$50 million a year.

The smelter, close to the southern city of Invercargill, consumes about 13 percent of New Zealand's power output and a decision to close would cause a glut, sending prices lower in a market which has seen scant growth.

Emirates Global Aluminium inks deals with Guinea to support its mining activities

Gulf Business - June 29th, 2015

Emirates Global Aluminium is currently building a bauxite mine and an aluminium refinery in the West African country.

Guinea Alumina Corporation, a wholly owned subsidiary of the UAE's Emirates Global Aluminium has signed four agreements relating to infrastructure development with the government of the Republic of Guinea.

GAC is building an aluminium refinery and operating bauxite mine in the West African country. The latest agreements are expected to support these initiatives.

Both parties said that they signed deals providing GAC access to the port and rail infrastructure owned by Guinea's government through the National Agency for Development of Mining Infrastructures (ANAIM) in the region of Boke.

The agreements cover the access conditions and joint investment in the railway and a port operations deal relating to GAC's investment in the port of Kamsar.

Access rights to the existing infrastructure in the country are included, as well as the development of "additional infrastructure" in the region of Boke, to support the expansion of GAC's mining activities.

"This is an important achievement, enabling EGA to secure key upstream capacity to improve security of supply and strengthen our position in the aluminium industry," said EGA's executive vice president of supply Masoud Talib Al Ali.

"These agreements further underpin our commitments with our key partners, CBG and the Government of Guinea, to the development of key Guinean and UAE-based industrial complexes."

EGA, which was formed after a merger of Abu Dhabi's Emirate Aluminium and Dubai Aluminium, is constructing a two million-tonne per year alumina refinery in Guinea, which is also the world's top exporter of bauxite.

Under the agreement, bauxite mined by GAC will be ready for export by 2017 and the refinery will be operational by 2022.

EGA is also aiming to be the world's fifth largest aluminium company by output this year and the Guinea project will help it secure raw materials for its plants in the UAE.

Decision on power for smelter

Otago Daily Times - June 29th, 2015

Wednesday is ''D day'' for the future of the Tiwai Point aluminium smelter near Bluff when its owners decide whether they want to give Meridian Energy notice they want to terminate the smelter's electricity contract.

Many options can be considered by the smelter's owner, Australian mining giant Rio Tinto.

About 3500 Southland jobs could be affected, directly and indirectly.

The 44 year old Tiwai smelter is operated by NZ Aluminium Smelters (NZAS), owned Rio Tinto, which in the last round of negotiating two years ago got a $30million sweetener from the Government to remain open.

Meridian Energy supplies electricity to NZAS from its Manapouri hydro electric plant _ a total of about 13% of the country's electricity production _ at a discounted rate.

NZAS has one day, Wednesday, to announce what it will do. It is a decision which will affect plans of electricity generators around the country.

At the heart of the matter are conflicting issues: long depressed aluminium prices and Tiwai Point being an ageing asset versus Tiwai making some of the highest grade of aluminium in the world and Rio Tinto closing the smelter would trigger site clean up costs in the hundreds of millions of dollars.

If the smelter were closed, the theory of extra electricity capacity would mean potential closure or mothballing of other companies' generation assets or development, including coal, gas, gas turbine and potentially cutting back hydro electric production.

It has been estimated that if Tiwai closed, electricity demand would take nine years to recover.

Forsyth Barr broker Andrew Rooney looked at all the options, including one where a possible consortium of electricity generators could band together to share supply.

''D day is only days away, with NZAS having the option to terminate its electricity supply contract, effective January 1, 2017,'' Mr Rooney said.

He said NZAS had been ''dangled a carrot'', in the form of lower transmission charges that would save it $55million a year.

''Our central thesis is that NZAS will not say anything on July 1 and that NZAS remains open for the foreseeable future,''he said.

While it was preferable for the smelter to remain open, taking the existing 572MW of power, a consortium could step in.

Mr Rooney noted the generators were not able to work together, as that would amount to collusion, so any consortium approach would have to be driven by NZAS.

''While there is significant logic to Meridian Energy remaining the provider of of electricity to NZAS, it is not the most [negatively] affected by NZAS closing, which increases the chances of a consortium,'' Mr Rooney said.

He noted NZAS could announce termination of its electricity contract, but do that in order to put pressure on the electricity sector to come up with a better price, meaning plant closure was not a foregone conclusion.

''It would be a gutsy call to provide notice if there is still the possibility of remaining open,'' Mr Rooney said.

If NZAS chose to decrease to 400MW, Meridian could take that for a short period and knew it could get a better price for at least the surplus 172MW of its generation after 2017.

''Meridian has, therefore, been keen to step back and let others negotiate with NZAS in the first instance,'' Mr Rooney said.

If Tiwai closed, that, and the combination of lower wholesale electricity prices and lower retail margins could strip $160million to $370million from the electricity sector in general, he said.

Tiwai is one of several Rio Tinto smelters, under the banner of subsidiary Pacific Aluminium, which are for sale.

Rusal spends $500,000 monthly to maintain ALSCON

A BusinessDay Media Ltd. - June 29th, 2015

The management of the Aluminium Smelter Company of Nigeria (ALSCON) says it spends $500,000 (about N10 million) monthly to maintain facilities and equipment at its factory located in Ikot Abasi local government area of Akwa Ibom State since it took over the plant in 2007.

It adds that more than $130 million has been invested in the smelter to modernise facilities beginning from 2007 when the company began operations.

In an exclusive interview with Businessday in this office at Ikot Abasi, the company's Managing Director, Zaviyalov Dmitry said while the plant was in operation, it suffered many disruptions in gas supply which he said resulted in partial and later full suspension of operations adding that the company incurred huge losses running into millions of US Dollars on remedial works and recovery of production process.

He however added that Rusal, the Russian firm running the plant was in talks with the new administration in the country with a view to restarting the plant.

"We are currently in talks with the government in Nigeria for possible supply of gas to the plant. This is the key issue for ALSCON to restart production,'' Dmitry said.

Identifying constant power supply as key to the company returning to production, he said the management was constrained to shut down the plant in 2013 due to gas supply interruptions, security as well as legal challenges adding that the since then the plant has remained idle.

"At present, the company is conducting Nigerian market survey research. We are studying the volume of aluminium goods consumed, evaluating new demand and opportunities to produce and distribute not only in the primary aluminium but also value added products such as wire rod for the manufacture of overhead power lines, cables of different kinds and aluminium profiles,'' he said.

He expressed the hope that the new administration in the country "will see reasons with us and constructively help us in resolving the issues and equally support our operations here in Nigeria'' adding that if the challenges were resolved "together with our Nigerian partners, we can restart the plant and by so doing render our contributions to the growth of the Nigerian economy.''

Dmitry described the medium term economic outlook for Nigeria as being good saying that the demand for aluminium would continue to grow while the country would constantly face a shortage of aluminium on the domestic market.

According to him, the company has plans to sell more primary aluminium to Nigerian manufacturing companies and described ALSCON as part of the company's strategic assets having the image of Nigeria on the international aluminium market.

He solicited the support of the government in addressing the challenges facing the plant adding that the management has prepared a long term development plan for ALSCON but stressed that without the support of the "government we might not be able to restart the plant.''

ALSCON, the only smelter plant in the country was over by Rusal in 2007 but was shut down due to ''numerous disruptions in gas supply.''

Outotec to deliver anode rodshop technology to China Xinfa Group's aluminum smelter in China

NASDAQ - June 26th, 2015

Outotec to deliver anode rodshop technology to China Xinfa Group's aluminum smelter in China

Outotec has received an order for rodshop technology from Chiping Xinyuan Aluminium Co. Ltd, a subsidiary of China Xinfa Group, a leading aluminum producer in China, for their new aluminum smelter in Shandong province. The order value exceeds EUR 12 million and it has been booked in Outotec's 2015 second quarter order intake.

Outotec's delivery includes process engineering and proprietary process equipment as well as services for the commissioning and operational support for a new anode rodding shop, which is part of the new aluminum smelter. The new smelter is expected to produce annually one million tonnes aluminum. The deliveries will take place in 2016 and include both local and offshore equipment supply.

"This is our third aluminum technology order from China Xinfa Group and it reaffirms Outotec's technological leadership and competitiveness in China in the primary aluminum industry. We have a strong reputation as a provider of high capacity rodding shops for the needs of increasingly large aluminum smelters", says Stuart Sneyd, head of Outotec's APAC region.

First Bauxite Announces Proposed $200 Million Bauxite Processing Investment In Louisiana

American Journal of Transportation. - June 22nd, 2015

Louisiana Gov. Bobby Jindal and President and CEO Alan Roughead of First Bauxite Corp. of Canada announced the company plans to invest $200 million to develop a bauxite processing plant on the Mississippi River in St. John the Baptist Parish. The project would create 100 new direct jobs ranging from entry level to skilled trade and professional management positions at an average annual salary of $70,000, plus benefits. Louisiana Economic Development estimates the project would result in an additional 117 new indirect jobs, for a total of more than 200 jobs in the River Parishes and the Southeast Louisiana region. At peak building activity, the company estimates the project would generate 150 construction jobs.

Based in Toronto, First Bauxite has concluded a feasibility study calling for the company to mine bauxite – an alumina-based ore – from Guyana, on the northern coast of South America, and ship it to Louisiana. There, the company would use the bauxite to manufacture ceramic proppants for the oil and gas industry. Proppants are sands or manufactured ceramic materials added to an industrial fluid to keep a hydraulic facture open – during or following the fracking process.

Gov. Jindal said, "This exciting project by First Bauxite Corp. of Canada demonstrates the breadth of foreign direct investment opportunities here in Louisiana. With world-class transportation facilities and industrial sites, along with abundant energy resources and outstanding workforce talent, Louisiana has become an ideal location for major investments by both foreign and domestic companies. These factors have combined to attract this impressive project to St. John the Baptist Parish and the kind of high-quality jobs we've worked so hard to create for Louisiana families."

First Bauxite plans to build the plant on a 30-acre tract at the Globalplex Intermodal Terminal, which is owned and operated by the Port of South Louisiana in Reserve.

"Completion of our feasibility study is a significant milestone in the development of our bauxite industrial minerals project," Roughead said. "The proposed facility will be located in a region offering competitive infrastructure, energy, labor and market access. We are very grateful for the assistance provided by LED, the Port of South Louisiana and the local

authorities and business community."

LED began discussing the potential project with the company in March 2014. To secure the project, the state offered a competitive incentive package that includes a performance-based grant of $950,000 to offset the costs of infrastructure improvements, and First Bauxite would receive the comprehensive solutions of LED FastStart®, the top-ranked state workforce development program in the nation. The company also is expected to utilize the state's Quality Jobs and Industrial Tax Exemption programs.

In the third quarter of 2015, First Bauxite plans to initiate discussions with third parties to develop strategic initiatives to finance the project. If financing for the project is secured, the planned construction period is 27 months, followed by an estimated three-year production ramp-up.

"It is a great time to be in St. John the Baptist Parish and we are extremely pleased that First Bauxite Corp. is preparing to make its $200 million investment along our industrial corridor," St. John the Baptist Parish President Natalie Robottom said. "A project of this magnitude creates new quality jobs for our residents, increases opportunities for local business owners and enhances economic development of the parish. St. John relies heavily on industrial support and collaboration and this investment improves the parish's overall competitiveness. We look forward to working with representatives of First Bauxite to bring this project to fruition." "The Port of South Louisiana is very pleased that First Bauxite has chosen to construct its planned new bauxite plant at the port's Globalplex Terminal in Reserve," said Port of South Louisiana Executive Director Paul Aucoin. "We look forward to working with them and making this project a huge success. We are particularly happy about the 100 new good-paying jobs that will come with the project."

"Greater New Orleans Inc. is pleased to welcome First Bauxite Corp. to the region," said GNO Inc. President and CEO Michael Hecht. "First Bauxite's plan to invest in a bauxite-processing plant reaffirms that Louisiana's combination of business climate, logistics and local support make it a top location for industrial projects. We look forward to working with First Bauxite Corp. to ensure their success."

Canadian company plans $200 million bauxite plant in St. John Parish

The Advocate - June 19th, 2015

First Bauxite Corp. of Canada plans to invest $200 million to develop a proposed bauxite processing plant on the Mississippi River in St. John the Baptist Parish.

State and corporate officials said Thursday the project would create 100 direct jobs, ranging from entry-level to skilled trade and professional management positions at an average annual salary of $70,000, plus benefits.

Louisiana Economic Development estimated the project would result in an additional 117 indirect jobs.

At peak building activity, the company estimated, the project would generate 150 construction jobs.

Based in Toronto, First Bauxite has concluded a feasibility study calling for the company to mine bauxite — an alumina-based ore — from Guyana, on the northern coast of South America, and ship it to Louisiana.

At the town of Reserve, the company would use the bauxite to manufacture ceramic proppants for the oil and gas industry. Proppants are sands or manufactured ceramic materials added to an industrial fluid to keep a hydraulic fracture open during or following the fracking process that releases oil and natural gas from shale formations.

"This exciting project by First Bauxite Corp. of Canada demonstrates the breadth of foreign direct investment opportunities here in Louisiana," said Gov. Bobby Jindal. "Louisiana has become an ideal location for major investments by both foreign and domestic companies."

First Bauxite plans to build the plant on a 30-acre tract at the Globalplex Intermodal Terminal, which is owned and operated by the Port of South Louisiana in Reserve.

"Completion of our feasibility study is a significant milestone in the development of our bauxite industrial minerals project," said Alan Roughead, First Bauxite's president and chief executive officer. "The proposed facility will be located in a region offering competitive infrastructure, energy, labor and market access."

State Economic Development officials began discussing the project with the company in March 2014. To secure the project, the state offered an incentive package that includes a performance-based grant of $950,000 to offset the costs of infrastructure improvements. First Bauxite also would receive job-training services and is expected to use the state's Quality Jobs and Industrial Tax Exemption programs. The Quality Jobs program provides eligible companies an annual cash rebate of up to 6 percent of their payroll for up to 10 years. The Industrial Tax Exemption offers abatement of local property taxes for as long as a decade on new or expanded facilities.

Sometime between July 1 and Sept. 30, First Bauxite plans to initiate discussions with third parties to develop finance strategies for the project. If financing for the project is secured, the planned construction period is 27 months, followed by an estimated three-year production ramp-up.

"It is a great time to be in St. John the Baptist Parish, and we are extremely pleased that First Bauxite Corp. is preparing to make its $200 million investment along our industrial corridor," Parish President Natalie Robottom said.

Expect alumina refinery to expand by 1 MT in 4.5 yrs: Nalco

Money control - June 18th, 2015

Nalco expects its alumina output to rise by 1 million tonne in next 4.5 years, of which 21.8 lakh tonne can be obtained in FY16, NR Mohanty, CMD, Nalco told CNBC-TV18.

Nalco made a record profit of Rs 1322 crore last year but now the market is crashing due to Chinese dump entering the aluminum market, he said.

The company expects the 3 million tonne Pottangi bauxite mine to be alloted by FY17. There are talks of state government introducing new Corporate Social Responsibility (CSR) policy for the mines located in this region, he said. As of now, the company contributes 2 percent of its profits as CSR for District Mineral Fund (DMF).

Meanwhile, the un-auctioned Utkal-D and Utkal-E coal blocks are likely to be re-allocated to Nalco soon.

Rio Tinto launches C$12 million project to develop AP44 technology at its Alma aluminium smelter

CNW Group Ltd. - June 15th, 2015

Rio Tinto will launch a C$12 million project aimed at enhancing the aluminium smelting technology currently employed at several of the company's plants to drive productivity gains. The project will be conducted by Rio Tinto's aluminium technology teams at the Arvida Research and Development Centre in Saguenay, Quebec and Voreppe, France and will be tested at the Alma aluminium smelter in Quebec's Saguenay – Lac-Saint-Jean region.

Arnaud Soirat, president and chief executive officer, Rio Tinto Alcan Primary Metal said "This project demonstrates how our leading technology position supports our business through innovative and cost-effective solutions to drive performance enhancements. Rio Tinto operates the aluminium industry's largest, most modern, most competitive fleet of smelters and we are determined to continue to improve this position, for our customers, employees, communities and shareholders.

"This first-of-its-kind project is particularly significant for the Alma plant. The determination and operational expertise exhibited by employees, and continued environmental and operational performance made the Alma plant the ideal location to test this new technology."

This research and development project will be focused on converting Rio Tinto's AP30 series smelting technology used at the Alma plant to the AP44 series which would enhance productivity and performance while reducing operational costs and strengthening our position as a supplier of aluminium with a low-carbon footprint. Five aluminium reduction cells at the Alma smelter will test the AP44 technology. The project is expected to be completed in the second half of 2016.

The enhanced performance that is expected to be achieved through this conversion from the AP30 technology to AP44 is achieved mainly through an increase to the amperage level in the Alma plant's aluminium reduction cells during the electrolysis, or smelting process.

L&T to set up aluminium unit in Rayagada

The Economic Times - June 14th, 2015

The state government recently recommended to Centre mining lease of Kutrumali and Sijimali bauxite mines in favour of Larsen & Toubro (L&T). The move came after the company communicated to the state government to set up a 3 mtpa aluminium plant in Rayagada district.

"The state government has imposed a condition that the minerals from the two mines would only be utilized in its (L&T) plant," said director of mines Deepak Mohanty.

The details about the investment plan is yet to be known. The two bauxite mines, located across Rayagada and Kalahandi districts, have combined reserve of 300 million tonne of bauxite. With the recent development, Vedanta's hope to mine bauxite in the two reserves for its refinery at Lanjigarh has dashed.

Saudi firm unveils US$50m Mozambique aluminium factory

StarAfrica - June 3rd, 2015

Saudi Arabia's Midal Cables on Wednesday unveiled a US$50-million aluminium plant in Mozambique and becomes one of the largest in the southern African nation since 1999, APA can report."It is estimated that investment of Midal Cables Ltd is the second largest made in Mozambique since 1999, excluding the oil sector, gas and mining," the company said in a statement on Wednesday.

Midas Cables managing director Hamid al Zayani said Mozambique was chosen as "the main gateway for its manufacturing business in Africa and the decision is strategic because the African continent is a priority market for our group and justified the choice of Mozambique with the investment terms offered."

Mozambican President Filipe Nyusi inaugurated the new aluminium products plant in the Belulane Industrial Park, in Matola Rio, a duty free zone about 25 kilometres southwest of the capital Maputo.

The company directly employs more than 110 workers, of which more than 80 percent are Mozambicans, "and gives work to more than 1,000 people through contracted services."

Midal Cables is a multinational industrial group based in Manama, Bahrain, with factories in its own country, Saudi Arabia, Turkey and Australia.

The company said the new factory started production in December 2014, manufacturing aluminium rods, wire and conductors for markets in Africa and Europe, and has an annual production capacity of over 50,000 tonnes per year.

Currently it is exporting its products to South Africa, Namibia, Zimbabwe, Kenya, Tanzania, Nigeria, Spain and Italy.

Nalco to invest Rs 5,540 crore in 1 million tonne alumina refinery

The Economic Times - June 1st, 2015

The board of National Aluminium Company (Nalco) has approved a significant capacity expansion plan to set up a one million tonne alumina refinery at Damanjodi, Koraput, Odisha at a proposed investment of Rs 5,540 crore. Nalco already has a captive bauxite deposit at Pottangi in the state, which will be utilized in this project. This is the first major expansion in the state run aluminium company in step with the Modi government's Make in India campaign.

With a view to boost the ancillary and downstream industries, Nalco is also committed to supply 50,000 tonne of aluminium metal to 'Angul Aluminium Park' which has been formed as a joint venture between Nalco and Industrial Development Corporation of Odisha. Apart from investing in its mainstay metals business, the company is also stepping up its fledgling presence in the renewable energy sector. In a statement on Monday, the company said is "in an advance stage of setting up of 100 MW wind power plant at a suitable location with an estimated investment of Rs 660 crore."

The aluminium major reported a more than two fold rise in net profit to Rs 354.87 crore in Q4 FY15, due to an exceptional gain. Against this the company had posted a net profit of Rs 172.45 crore in the previous corresponding period. Total income, however, declined by 2% to Rs 1,801.25 crore in January-March quarter of 2014-15 from Rs 1,838.20 crore in the same period of 2013-14.

For fiscal FY15, Nalco's net profit went up to Rs 1,322 crore in FY15 against Rs 642 crore in same period of FY14. During the year, the company achieved its highest ever gross turnover of Rs 7,771 crore, a 10.6% rise against Rs 7,024 crore achieved in 2013-14.

The company's export turnover for the fiscal 2014-15 was Rs 3,307 crore. The company's board which met in New Delhi last Saturday (May 30), recommended final dividend at a rate of 10% (Re. 0.50 per equity share of Rs 5 each) amounting to Rs 128.86 crore. Earlier, Nalco had declared an interim dividend of 25%, (Rs 1.25 per share of Rs 5 each), amounting to Rs 322.16 crore for the financial year 2014-15, on the paid-up equity share capital of Rs 1288.62 crore.

Nalco produced 3.27 lakh tonne (lt) of cast metal in FY15 against 3.16 lt produced the previous year. Alumina hydrate production was a shade lower in FY15 at 18.51 lt against 19.25 lt in the previous year. While Nalco's captive power plant achieved net power generation of 5,131 million unit against 4,989 million unit achieved in last fiscal, Nalco also generated 175 MU of wind energy during the year by operating a 50.4 MW wind power plant at Gandikota, Andhra Pradesh and another 47.6 MW plant at Jaisalmer, Rajasthan.

Guinea bauxite miner CBG plans $1 bln expansion to meet demand

Reuters - May 29th, 2015

May 29 Guinea bauxite miner Compagnie des Bauxites de Guinée (CBG) plans a $1 billion expansion to increase its production capacity to 23.5 million tonnes per year by 2018 to respond to increased demand, the firm's director general said on Friday.

CBG is 51 percent owned by Halco Mining consortium, controlled by aluminium producer Alcoa, global miner Rio Tinto and Dadco Investments.

The company signed a contract with Abu Dhabi state-owned investment fund Mubadala and Dubai Aluminium (Dubal) in 2013 to supply 10 million tonnes of bauxite, starting with 5 million tonnes from 2017.

Namory Conde said CBG had signed other supply deals which required it to invest heavily to expand its production capacity to meet the demand.

"We have finalised a roundtable with financial partners. The expansion project will cost around $1 billion," Conde said, but did not give details on how the funds will be secured.

He added that financial advisers selected by the partners will visit the firm in June to conclude the project.

Conde said 2014 output was not adversely affected by the worst outbreak on record of an Ebola epidemic which began in Guinea and spread to several countries in the region, killing over 11,000 people.

Although the outbreak curtailed mining activities in the region, Conde said CBG's operations in Kamsar, north of the capital Conakry, was spared the worst of the epidemic as production hit a record 15.2 million tonnes in 2014 compared with 15 million in 2013.

Conde said the firm took draconian measures to protect workers and continue operations during the outbreak. (Reporting by Saliou Samb; Writing by Bate Felix, editing by David Evans)