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June 26, 2008
MOU extended regarding aluminum smelter at Bakki by Husavík
Representatives of Alcoa, the Government of Iceland and the municipality of Nordurthing, North Iceland, today extended until 1 October 2009 their memorandum of understanding on a feasibility study for the proposed smelter at Bakki, Husavík. The MOU that was now signed is an extended and updated version of the MOU signed by these parties in May 2006.
The first and second stages in the feasibility studies have been concluded on the basis of the 2006 MOU. The results so far have warranted further studies, to be decided by the parties involved. Work within the third stage has now been extended to 1 October 2009, in order to enable the parties to finish projects that would serve as a basis for the final decision on constructing a smelter at Bakki. If the project proceeds as expected, plans call for a smelter at Bakki to be fully operational in 2015.
A few examples of the tasks to be carried out during the term of the extended MOU include finishing the environmental impact assessment, concluding research about the economic and social effects of a smelter on the municipality, submitting information for an operating licence, deciding on practical arrangements concerning the harbour, and continuing the negotiations between Alcoa and the power companies involved.
Parallel to this extension of the MOU between the government, Alcoa and Nordurthing, work is also progressing towards extending other MOUs regarding the project, i.e. between Alcoa and Landsvirkjun on energy sales and between Alcoa and Landsnet on energy transmission.
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