Norsk Hydro: Court orders Alunorte to cut production by 50% and halt operations at DRS2 bauxite residue disposal
01 3월 2018 - 3:06PM
Based on a request from public prosecutors in the state of Pará,
Brazil, a regional court issued a ruling on Wednesday, February 28,
demanding Hydro to cut production by 50 percent at its Alunorte
alumina refinery, over worries that a rainstorm had led to leakages
from Alunorte into the nearby river and causing contamination.
The court further ruled that Alunorte shall halt operations at
the DRS2 bauxite residue disposal, and that operations must not
resume until the integrity of DRS2 has been fully verified and an
operational license has been issued. Alunorte currently has an
installation license, covering the construction and commissioning
of DRS2.
Hydro is currently reviewing the implications of the court's
decision operationally and financially, as well as for its
customers and employees of Alunorte, located in the region of
Barcarena in the state of Pará.
Earlier on Wednesday, the federal Brazilian Institute of
Environment and Renewable Natural Resources (IBAMA) also issued a
notification ordering Hydro to discontinue operations of the
Alunorte alumina refinery's bauxite residue disposal DRS2.
The notification from IBAMA, a federal agency under the
Brazilian environment ministry, and the court ruling came after the
Secretariat of Environment and Sustainability of Pará (SEMAS) on
Tuesday ordered Alunorte to cut production of calcinated alumina by
50 percent. SEMAS also required Hydro to stop using one of two
tailing dams at its Paragominas bauxite mine, located around 250 km
west of Alunorte.
Just hours before SEMAS issued its order, Brazilian Minister of
the Environment Jose Sarney Filho urged IBAMA to suspend Alunorte
operations.
Hydro continues to collaborate with all regional and federal
authorities, and established on February 24 a fast-working expert
task force to conduct a full review of Alunorte, reporting directly
to President and CEO Svein Richard Brandtzæg.
Hydro is South America's biggest aluminium company after
acquiring Brazilian mining company Vale's aluminium assets in the
state of Pará in 2011. Alunorte is the world's largest alumina
refinery, employs around 2,000 people and has a nameplate capacity
of an annual 6.3 million tonnes. Hydro owns 92.1 percent of
Alunorte.
Investor contactsStian Hasle+47
97736022Stian.Hasle@hydro.com
Even Simonsen +47 97953364Even.Simonsen@hydro.com
Press contactHalvor Molland+47
92979797Halvor.Molland@hydro.com
Cautionary note Certain statements included in this announcement
contain forward-looking information, including, without limitation,
information relating to (a) forecasts, projections and estimates,
(b) statements of Hydro management concerning plans, objectives and
strategies, such as planned expansions, investments, divestments,
curtailments or other projects, (c) targeted production volumes and
costs, capacities or rates, start-up costs, cost reductions and
profit objectives, (d) various expectations about future
developments in Hydro's markets, particularly prices, supply and
demand and competition, (e) results of operations, (f) margins, (g)
growth rates, (h) risk management, and (i) qualified statements
such as "expected", "scheduled", "targeted", "planned", "proposed",
"intended" or similar.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, these forward-looking
statements are based on a number of assumptions and forecasts that,
by their nature, involve risk and uncertainty. Various factors
could cause our actual results to differ materially from those
projected in a forward-looking statement or affect the extent to
which a particular projection is realized. Factors that could cause
these differences include, but are not limited to: our continued
ability to reposition and restructure our upstream and downstream
businesses; changes in availability and cost of energy and raw
materials; global supply and demand for aluminium and aluminium
products; world economic growth, including rates of inflation and
industrial production; changes in the relative value of currencies
and the value of commodity contracts; trends in Hydro's key markets
and competition; and legislative, regulatory and political
factors.
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
Norsk Hydro (LSE:NHY)
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