'Norsk Hydro' Tag Archive

Jan 31 2007

Greenland to get Norsk Hydro smelter?


1/1/2007

Already beset by the devastating effects of a global warming caused by the heavy industrialisation of the planet, the glacial island of Greenland is now under an even more immediate industrial threat: this time by the aluminium industry. Norsk Hydro recently announced that it is considering plans to build a 300,000 tonne and 500 Megawatt primary aluminium smelter in Greenland, powered by the damming of a yet undisclosed part of the island. Read More

Nov 17 2006

Norsk Hydro Join the Aluminium Feeding Frenzy with 600.000 Tons


Reykjavik newspaper ‘Bladid’ reports that Norwegian oil and aluminium company Hydro (or Norsk Hydro as they are known in Iceland) and the Icelandic government met yesterday to discuss the possibility of building a 600,000 ton smelter in Iceland within the next eight years. The company’s representatives met with Iceland’s Minister of Industries Jón Sigurdsson yesterday to present their ideas, as Bladid reports.

However, Sigurdsson denied on Icelandic State Radio that the smelter plan was ever mentioned in the talks… How shady everything has become in the little aluminium republic. Read More

Nov 09 2006
1 Comment

‘Blood and bauxite’ by Chandra Siddan


Montreal Mirror
Nov 20-26.2003
Vol. 19 No. 23

kashipur dance 

 

Impoverished Indians fight ALCAN’s bid to open a mine in their backyard. Since this article was written the repression has been stepped up.
Read More

Feb 01 2006

Young Icelandic Activists Storm the Ministry of Industry


Twenty teenage activists stormed the offices of the Icelandic Ministry of Industry and staged a sitdown and noise demo inside the ministry for about an hour. This was to demonstrate against the international aluminium invasion into pristine Iceland.

The message was tainted more than little by irony: “We want more pollution, more smelters, more destruction of nature, only jobs in smelters, more Alzheimer, fuck nature, fuck the future”

Suddenly the teenagers sat down on the floor and produced tubs of ‘skyr’ (in symbolic support of the activists who drenched delegates at the 10th International Aluminium Conference with the yoghurt like substance) and proceeded to “eat their own words”.

The staff of the ministry called the police, who were well and truly ignored by the vigorous youngsters, and gave up sowing their usual brand of disorder.

This was a very cheerful protest and a total success. Most of the press and all TV stations turned up for the edifying spectacle and no one was arrested.

The action coincided most conveniently with a news release from the Ministry of Industry about four spanking new aluminium smelters that are to be built or extended (ALCAN and Century) in the south-west and north (ALCOA) of Iceland, promising amongst other horrors, according to scientists, to make the bay of Faxafloi the most heavily polluted area in Northern Europe.

Arms manufacturers ALCOA are deliberating a smelter in the north (possibly in Húsavík) on top of the monster 360.000 tons smelter war-profiteers Bechtel are already building for them in Reydarfjordur in the east of Iceland. Europe’s last great untouched wilderness is to be sacrificed to generate bogus “green” electricity for the ALCOA smelter.

Oct 06 2005

Supreme Court Rules Alcoa Smelter is Illegal


Iceland Review
06/10/2005

Supreme Court invalidates environmental assessment of Alcoa smelter.

Perfect factory site?Site of the illegal smelter

 

Yesterday the Supreme Court of Iceland invalidated the decision of the Minister of the Environment to waive the requirement for Alcoa to undergo an environmental assessment before obtaining a license to operate the smelter currently under construction at Reyðarfjörður on the East Coast. Read More

May 15 2005
1 Comment

‘Kárahnjúkar Hydropower Project – Estimate of Profitability’ by Thorsteinn Siglaugsson, MBA


Prepared for the Iceland Nature Conservation Association
Thorsteinn Siglaugsson MBA
Reykjavik 2002

Extract

Introduction

Landsvirkjun, the state-owned electric power company in Iceland has for some time been planning a large hydropower plant in the area north of Vatnajokull, Europe´s largest glacier in the east of Iceland. The facility would be built to produce electricity for a 390,000 ton aluminium smelter in Reydarfjördur on the east coast of Iceland.

Until recently a consortioum of Icelandic banks, pension funds and the Norwegian company Norsk Hydro planned to build and run the Reydarfjordur smelter, a prerequisite for initiating the Karahnjukar project. Early 2002 Norsk Hydro decided to postpone its final decision on the project. Subsequently the Icelandic government decided to seek other investors. In september Alcoa and the government signed an agreement to take up talks to build a 295,000 ton smelter in Reydarfjordur run on electric power from the Karahnjukar plant.

According to a previous study conducted for the Iceland Nature Conservation Association the Karahnjukar plant would not be financially viable when valued based on market rates of interest and return on equity expected for a comparable project. As a state owned company Landsvirkjun does however enjoy full financial backing from the state of Iceland and is able to borrow at sovereign rates. The Sumitomo Mitsui Banking Corporation prepared an assessment of Landsvirkjun´s plans in September 2001 confirming that the project could support the cost of capital demanded by Landsvirkjun based on Landsvirkjun´s estimate of future power prices.

There are considerable differences between the current and earlier plans. The size of the power plant is different as well as the expected investment. The buyer profile is different which no doubt has an effect on interest rates and the construction timeline for the Karahnjukar plant is considerably shorter according to the current plans.

This report aims to compare the financial characteristics of the earlier plans for the Karahnjukar plant with the current plans. This includes an analysis of buyer risk profile, estimate of probable power price based on current and forecasted aluminium prices and the constraints provided by the general cost structure in the aluminium industry.

Read the report here or on the original site

Mar 27 2004

The Icelandic Rift Industry Versus Natural Splendor in a “Progressive” Nation by Jon Swan


Dimmugljúfur - Dark Canyon at Kárahnjúkar

Orion Magazine
March / April 2004

An important article which provides useful historical background.

Read More

Náttúruvaktin