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May 13, 2008
Greenland Parliament Agrees to 2nd Phase of Joint Studies on Potential Smelter and Hydropower Project
NEW YORK--Alcoa (NYSE:AA) today welcomed the decision taken by the Greenland
parliament to advance into a second phase of joint studies with Alcoa
into the feasibility of establishing a world class sustainable aluminum
industry in Greenland.
The parliament strongly endorsed Greenland Home Rule government’s
recommendation that the proposed 340,000 metric ton per year smelter
should be sited at Maniitsoq and allocated significant funding to
support the joint studies. These studies, which will extend through
2009, will delve in detail into the economic, social, and environmental
aspects of the proposed facility. The parliament is expected to convene
again in 2009 to consider Greenland’s
ownership position in this project.
Bernt Reitan, Alcoa Executive Vice President, and President, Primary
Products paid tribute to the diligence and thoroughness of the Greenland
Home Rule Government, and the Greenlandic parliament in considering this
“We are being warmly welcomed and involved in
a process that the government and the parliament are leading with
exceptional care. It provides us with a great deal of comfort that our
Greenlandic partners are firmly committed to the studies required to
determine the feasibility of this proposed project,”
said Reitan. “We are together building the
foundation for not only a new industrial base for the Greenlandic
economy, but also the beginnings of a long and mutually rewarding
The Greenland Home Rule Government has been considering diversification
into manufacturing industry to strengthen the Greenlandic economy for
some time and has actively been investigating the aluminum industry in
general and specifically Alcoa as a potential partner since mid-2006.
The proposed smelter would combine Greenland’s
abundant renewable hydropower potential with Alcoa’s
100+ years of experience in developing and operating aluminum smelters
around the world in a manner that is sustainable, sensitive to the
environment, and valued by the communities in which the company operates.
The now endorsed site for the proposed smelter was selected after
extensive collaborative studies involving Alcoa, the Greenland Home Rule
government, and the communities of Nuuk, Sisimiut, and Maniitsoq, all of
which have expressed strong support for the project.
If feasibility is proven, production at the new smelter would be
anticipated to begin 2014-2015.
Alcoa is the world leader in the production and management of primary
aluminum, fabricated aluminum and alumina combined, through its active
and growing participation 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, and building systems. The Company has
97,000 employees in 34 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.