Statement at Grundartangi, October 5, 1997.
Distinguished guests,
It is my great pleasure to attend this gathering to celebrate the milestone that has now been reached in ratifying all decisions relating to the implementation by Columbia Ventures of the Norðurál Project at Grundartangi.
The Project will have a great impact on the national economy of Iceland.
It will contribute:
- one percent increase of the GDP and
- create more than 150 permanent jobs and
- result in total investment around 400 million dollars.
I compliment Columbia Ventures Corporation and all those connected with the projects implementation for their efforts.
Allow me to highlight the following:
- Norðurál is a milestone in the history of foreign investment in Iceland, being the first large new greenfield project confirmed since 1977 when Icelandic Alloys was founded.
- Norðurál is the first non-recourse project of its kind to be implemented in Iceland. I would like to complement INB-Bearings and Banque Paribas especially for their important role.
- On the operational side I am pleased to note the active role taken by Billiton International in entering a long term tolling agreement with the smelter which is an important component in securing the project.
- The smelter will be built with state of the art technology supplied by VAW, which active participation from the outset has been instrumental in making it a reality.
- On the construction and equipment supply, innovative solutions by local and foreign contractors, such as ABB, have been instrumental in making this project possible. I am encouraged by the large role that Icelandic contractors and advisors have assumed.
- The project is being realized in a very short time frame. It is therefore important that strong supervision is exercised at the site. Ken Home Engineers are indeed very suited to ensure this.
- I would also like to thank the Harbour Fund for their constructive participation in the realization of the project.
- Finally, co-operation between the Government and Landsvirkjun on various aspects has been essential and the Management of Landsvirkjun is to be complimented on its ability to ensure power delivery in a very short lead time.
Allow me to express formally at this occasion my gratitude to all those who have worked so hard to ensure the realization of this project. In particular I pay tribute to the Senior Management of Columbia Ventures headed by Mr. Ken Peterson.