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Amended agreement strengthens the competitiveness of the Straumsvik foundry Iceland Stock Exchange: LAND

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The modified chord is strongercompetitiveness for the Straumsvik foundry

Landsvirkjun and Rio Tinto Iceland have agreed to modify the power purchase agreement (PPA) between the two companies dating from 2010, thus allowing the Straumsvik smelter to continue operating with a stronger competitive position.

Landsvirkjun and Rio Tinto welcome this important milestone which gives a more secure footing for the ongoing operations of the foundry for years to come, as well as a predictable revenue stream for Landsvirkjun and increased flexibility for both parties. As before, the contract specifies the sale of 390 MW or 3,416 GWh pr. year and expires in 2036.

Changing the contract is a positive development for both parties. The base price of electricity has been adjusted and remains in USD and linked to the US Consumer Price Index (CPI). To a small extent, the contract is also linked to the prices of aluminum, allowing to some extent a price correlation with international markets.

This agreement is an amendment to the current electricity contract of 2010. The non-disclosure clauses of the contracts are still in force and therefore cannot be made public at this time.

Along with the amended deal, Rio Tinto has decided to withdraw a complaint filed with the Icelandic Competition Authority in July 2020 regarding ISAL’s energy supply.

Hrur Arnarson, CEO of Landsvirkjun: We welcome the agreement on the modification of the power purchase contract, as requested by Rio Tinto, and the result benefits both parties and improves the efficiency of the power system in Iceland. Our goal remains the same, to ensure predictable revenues while taking into account the changes underway in global markets and customer needs.

At Landsvirkjun, we have placed great emphasis on supporting our customers in these difficult times. We are committed to continuing to offer competitive energy prices, as well as fulfilling our role of maximizing the potential return and value of the renewable natural resources entrusted to us, for the benefit of Icelanders.

Rannveig Rist, CEO of Rio Tinto Iceland: This is positive news that reduces the uncertainty around the Straumsvk operation and improves our competitiveness. We can be very proud of our work at Straumsvk over the past years. Despite the uncertainty, the operation went smoothly and people never lost sight of the most important things. The safety issues were in good shape, the production went very well and the quality of our products was very good. Our environmental performance was also one of the best ever. Although we have reached this milestone, it does not mean that ISAL does not face challenges. The situation in the aluminum markets will continue to be difficult, but with this agreement we can focus on the production of high quality aluminum taking into account the needs of our customers.

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