Century Aluminum Working To Secure Helguvik Financing, Power Contracts
July 28 2010 - 3:43AM
Dow Jones News
Century Aluminum Co. (CENX) is working to secure financing and
power supply contracts for its planned Helguvik smelter project in
Iceland in order to restart construction of the plant, the
company's Chief Executive said late Tuesday.
The U.S. aluminum producer halted construction at Helguvik last
year after the global financial crisis make financial backing of
the project difficult.
"The financing and other preparations for our new smelter at
Helguvik are proceeding," said Logan Kruger. "Final negotiations on
amendments to our Helguvik power supply contracts will be a primary
factor in determining the timing of the restart of major
construction and engineering activity," he added.
In September, Century said it had appointed BNP Paribas SA,
Societe Generale SA and ING Bank NV to serve as exclusive
structuring banks in order to raise project financing from the
international debt markets.
Century in 2006 signed a memorandum of understanding with two
Icelandic geothermal power producers for the supply of energy to
produce up to 150,000 metric tons a year of aluminum in the first
phase, rising ultimately to 250,000 tons a year.
But last August, Century said it planned to construct the
smelter in four 90,000-ton phases that will eventually yield an
annual production capacity of 360,000 tons.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com
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