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Norsk Hydro: Update on Alunorte situation

/EIN News/ -- Alunorte signed agreement with Ministério Público on third-party verification of technical reports, amendment of TAC agreed and Federal Court schedules hearing.

Agreement with Ministério Público on third-party verification of reports
Alunorte has agreed with Ministério Público to have third-party technical assistance to assess whether reports from SEMAS and the University of Campina Grande, both concluding that Alunorte can safely resume normal operations, comply with technical parameters and relevant applicable rules. 

If the third-party assessment supports the conclusions, Ministério Público will file a petition in the Federal Court in Belém confirming it would not oppose lifting Alunortes production embargo. The agreement schedules a timeline for the assessment to be concluded in April. It does not include a timeline for the decision to be made by the court.

Federal Court schedules hearing regarding Alunorte’s embargo
The Federal Court in Belém has scheduled a conciliatory hearing on April 4 between Alunorte and Ministério Público regarding the embargos on the production and the use of the new DRS2 bauxite deposit area.

The court has appointed two technical experts to assist the court in its evaluation of technical issues related to the Alunorte situation. The technical experts were given 60 days to conduct their evaluation. The formalization process of the technical experts is expected to take at least 30 days.

Amendment to the technical agreement (TAC)
Hydro and Alunorte have signed amendments to the Term of Adjusted Conduct (TAC) with Ministério Público and the Government in the State of Pará.

In the amendment to the TAC, the parties agreed to establish a Technical Committee that will discuss technical issues related to the TAC implementation. The technical committee will be appointed by representatives of Hydro, Alunorte, Ministério Público and the Government in the State of Pará. The parties have also signed an amendment to the TAC to adjust some of the deadlines for different obligations in the TAC.

Investor contact
Stian Hasle
+47 97736022
Stian.Hasle@hydro.com

Olena Lepikhina
+47 96853035
Olena.Lepikhina@hydro.com

Press contact
Halvor Molland
+47 92979797
Halvor.Molland@hydro.com

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Distribution channels: Mining Industry


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