Century Aluminum subsidiary Nordural Helguvik 'happy' with arbitration results in dispute with power supplier that determined supplier must provide full amount of contracted power to Nordural for its Helguvik, Iceland, greenfield smelter
December 19, 2011
– Century Aluminum Company (NASDAQ: CENX - News) announced today that its subsidiary, Nordural Helguvik hf, has received the results of its arbitration with one of the power suppliers to its Helguvik greenfield smelter. The arbitration panel ruled that the parties' power contract remains in force in accordance with its terms and that HS Orka hf remains obligated to provide the full amount of contracted power to Nordural, subject to the satisfaction of certain remaining conditions.
"We are happy with the results of the arbitration," commented Michael Bless, Acting President and Chief Executive Officer. "We are hopeful now that Nordural and HS can work together to move expeditiously toward the restart of the Helguvik project, which is of key importance to Century, Nordural and Iceland."
Century Aluminum Company owns primary aluminum capacity in the United States and Iceland. Century's corporate offices are located in Monterey, California.
Certified Advisors for the First North market of the OMX Nordic Exchange Iceland hf. for Global Depositary Receipts in Iceland:
Atli B. Gudmundsson, Senior Manager -- Corporate Finance, NBI hf.
Steingrimur Helgason, Director -- Corporate Finance, NBI hf.