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:: Iceland's Parliament Approves Alcoa's Fjardaal Plant
Althingi, Iceland's parliament, has approved legislation that will allow the conclusion of a contract to construct Alcoa's proposed Fjardaal primary aluminum smelter in Eastern Iceland.
The Fjardaal aluminum facility in Eastern Iceland is being designed to be the most environmentally friendly aluminum production facility in the world. The plant will have an annual capacity of 322,000-metric tons and is expected to cost approximately $1.1 billion over the next four years.
Welcoming the decision by Althingi, Alcoa Chairman and CEO Alain Belda said, "Today's vote paves the way for Alcoa to build one of the most modern and competitive aluminum facilities in the world. We are gratified by the support for this project from the Icelandic people and their elected representatives, and we commit to designing the project to meet and exceed Iceland's stringent environmental requirements."
Fjardaal is part of one of the most extensive investments ever undertaken in Iceland. The project is designed to strengthen and diversify the economy of Iceland, while contributing to the development of East Iceland. The plant in Iceland is an important element of the Alcoa's growth strategy in primary metals.
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