The Helguvik project is a greenfield project for an aluminum reduction facility in Helguvik, Iceland (“Helguvik” or the “Helguvik project”), owned by our wholly-owned subsidiary Nordural Helguvik ehf. Construction of the Helguvik project is currently curtailed. The Helguvik project site is located approximately 30 miles (48 kilometers) from the city of Reykjavik, Iceland.
We commenced construction of the Helguvik project in June 2008. In late 2008, we curtailed construction activity and spending on the project in response to the global financial crisis and deterioration of Icelandic economic conditions, including the financial condition of our contracted power suppliers. Construction activity and spending on the project remain curtailed pending confirmation from the contracted power suppliers or potentially other power suppliers that they will deliver the required power per an agreed schedule.
We currently expect to restart construction activity at Helguvik if and when we are able to achieve a successful resolution of the power supply issues.
Nordural Grundartangi ehf