Financing the construction of the Helguvík project

Norðurál announced today that it has appointed BNP Paribas, Societe Generale  and ING to serve as exclusive structuring banks for financing the construction of the Helguvík aluminum smelter.  The banks will lead the effort to raise project financing from the international debt markets.

 

investment agreement for Helguvik

On August 7th Katrin Juliusdottir, Minister of Industry, and Ragnar Gudmundsson, Managing Director of Nordural, today signed an investment agreement regarding Nordural’s aluminum plant in Helguvik. The principal aim of the agreement is to secure certain stability within the legal and operational environment of the aluminum plant which is a prerequisite for completing the financing of the project. All the main issues of the agreement are comparable to the agreements that apply to the aluminum plants at Grundartangi and Reydarfjordur.

 

Operating license for Norðurál Helguvík

An operating license for Norðurál Helguvík was formally issued by the Environment Agency on September 10.  Nordural is by that authorized to manufacture up to 250 thousand tons of aluminum per year as well as operating casthouse, rodding room, flod pit, workshop etc.  Norðurál will be obliged to use best available technique in pollution control and to make the best possible use of power. 

 

First concrete foundations

IAV contractors today built the first concrete foundations of the Helguvik aluminum plant potroom.  It is estimated that 36.000 cubic meters of concrete will be needed to build the potroom and nearly 60.000 cubic meters of concrete for full project.

 

Will Be the First Aluminum Plant in the World Solely Powered by Geothermal Energy

Nordural and Icelandic Prime Contractors (IPV) signed an agreement today on the construction of potrooms for the aluminum plant of Nordural in Helguvik. At the same time ground was formally broken today in the presence of a crowd of people. Groundwork construction on the building site of the company has started and the construction project of the potroom starts this year. The construction project involves creating facilities on the premises, ground construction, erection of concrete slabs, erectional concrete precast slabs, steelwork, cladding and miscellaneous (flashing, facia and gutters). 

Environment Agency’s wrong calculation

Nordural is refusing the Environment Agency’s statement that fluorine-carbon emission was 319 thousand ton of the CO2 quota in 2006.  The correct number is maximum 126 thousand ton.