Power Contract Finalized for Proposed Reydarfjordur Smelter
December 13, 2002
Alcoa and Landsvirkjun, the National Power Company of Iceland, finished negotiating a Power Contract today for a new greenfield 320,000 tpa aluminum smelter at Reydarfjordur, East Iceland. At the same time negotiation of contracts was finalized between Alcoa, the Icelandic Ministry of Industry, Fjardabyggd township and the Harbor Fund of Fjardabyggd.
Lawyers will now review the contract text, which will be initialled before year-end.
The Power Contract will be put before the boards of the respective companies for confirmation. The Minister of Industry will present an Enabling Act to the Parliament as it resumes following the Christmas break. The Authorities in Fjardabyggd will also review the contracts the township is a party to. The aluminum smelter is expected to start operations in 2007.
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Parties to the Announcement
Alcoa
The Ministry of Industry
Landsvirkjun
Fjardabyggd township
The Harbor Fund of Fjardabyggd
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