Alcoa and the Invest in Iceland Agency announced that they have signed an extension of their Joint Action Plan to explore the possibility of constructing a state-of-the-art aluminum production plant in Eastern Iceland. In the project under review, Alcoa would own and operate a 320,000-metric-ton-per-year aluminum plant, which would receive power from a 500+ Mw hydroelectric power station in Eastern Iceland. That power station would be constructed and operated by Landsvirkjun, the national power company of Iceland. Alcoa will continue to review the environmental impact assessments associated with both projects to ensure that they meet its high standards for sustainable development. The Joint Action Plan was originally signed on April 19, 2002, and the extension runs until July 18, 2002. At that time, the parties will make a decision whether to sign a formal Memorandum of Understanding and proceed with the project.
