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| May 23, 2007
Government of Greenland and Alcoa to Study Feasibility of Constructing Hydro-Powered Aluminum Smelter
NEW YORK & NUUK, Greenland--(BUSINESS WIRE)--Today, the Greenland Home Rule Cabinet agreed to enter into a Memorandum
of Understanding (MOU) with the aluminum company Alcoa Inc. The
agreement entails co-operation on a feasibility study for constructing
an aluminum smelter with a 340,000 metric-ton-per-year capacity in
Greenland.
The MOU also encompasses a hydroelectric power system and related
infrastructure improvements, including a port. The exact size and cost
for the overall venture will be determined when the project plan is
finalized.
Under the MOU, the parties will begin site selection, environmental
studies, engineering assessments, and other aspects of the project. If
the viability of the project is proved, ground breaking for the
hydroelectric power system would be expected in 2010, and for the
smelter in 2012. The smelter could then commence operation by the end of
2014.
“Alcoa has a disciplined growth strategy, as
aluminum demand is strong and consumption is expected to grow
significantly over the next decade. We have nearly 120 years of
experience in developing and operating aluminum smelters around the
world in a sustainable manner, sensitive to the environment, and valued
by the communities in which Alcoa operates,”
said Alcoa Chairman and CEO Alain Belda. “We
will bring our technology and management capabilities to this venture to
ensure the development of a highly-competitive, environmentally-friendly
smelter that adheres to our stringent Values and delivers sustainable
development.”
“The aluminum industry offers an excellent
opportunity that we may in Greenland exploit our hydropower resources
for the benefit of the country’s occupational
and business development,” stated Minister of
Trade, Labor and Vocational Training, Siverth K. Heilmann. “At
the same time the project is in full accordance with the Cabinet’s
long-term goal of replacing hydrocarbon-based energy production with
hydropower, one of the reasons being concern for the global environment.
“I have visited smelters in different parts
of the world, and through personal experience learned about Alcoa’s
consideration for the environment and commitment to ensure that a future
smelter will also in Greenland become an asset to the local community,
socially and educationally, as well as economically,”
said Heilmann.
About the choice of Alcoa as partner in preference to other interested
aluminum companies Siverth K. Heilmann explains, “Alcoa
has shown their determination to invest considerable resources in the
development of this project together with us. Simultaneously, they have
been ready to meet Greenland’s requirements
as to the pace of the project development, the environmental process,
efforts in training and education etc. We still have far to go and
important decisions to make before the project becomes reality, but with
this agreement, Greenland and Alcoa have taken a very important step on
the way.”
In order to facilitate a quick initiation of the important field
surveys, the parties have agreed that the MOU will be signed in
connection with the upcoming meeting of the Joint Committee in
Ilulissat, 25-27 May 2007.
Preferred sites for the proposed smelter will be collaboratively
identified by Alcoa and the Greenland Home Rule Government. The three
municipalities of Nuuk, Sisimiut and Maniitsoq, which have all selected
potential locations, support the project, and will take active part in
the continued work. Final recommendations will go to the Greenland Home
Rule Government for ratification.
Upon completion, this development project would represent one of the
largest investments in Greenland’s history,
stimulate economic growth and manufacturing diversity, create up to 600
direct, stable jobs, and contribute to increase Greenland’s
overall productivity and economic self-support.
About Greenland
Greenland stretches an area of 2,166,086 square kilometers, thus making
it the largest island in the world. More than 80 percent of the country
is covered by the massive ice cap. Although situated between Canada and
Iceland, Greenland is historically, politically and economically closely
related to Denmark. Today, Greenland’s
popularly elected Home Rule Government possesses a high degree of
autonomy.
With its present-day population of 57,000, mainly of Inuit origin,
Greenland has in less than a century developed from a traditional
hunting economy into a modern society, and presently holds one of the
world’s most modern sea-going fishing fleets
and emerging tourism and mining industries. Also, extensive oil
exploration activities off Greenland’s West
Coast will soon be underway. Greenland’s
Arctic environment is particularly fragile, and the Greenland
authorities scrutinize industrial ventures closely, cooperating with
project developers to take appropriate measures to prevent and alleviate
possible adverse effects to the environment.
About Alcoa
Alcoa (NYSE:AA) is the world's leading producer and manager of primary
aluminum, fabricated aluminum and alumina facilities, and is active in
all major aspects of the industry. Alcoa serves the aerospace,
automotive, packaging, building and construction, commercial
transportation and industrial markets, bringing design, engineering,
production and other capabilities of Alcoa's businesses to customers. In
addition to aluminum products and components including flat-rolled
products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa®
wheels, fastening systems, precision and investment castings, structures
and building systems. The company has 122,000 employees in 44 countries
and has been named one of the top most sustainable corporations in the
world at the World Economic Forum in Davos, Switzerland. More
information can be found at www.alcoa.com
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