Century Aluminum Provides Update on Iceland Operationsadmin
Century Aluminum Company confirmed that immediately available cash balances for its Iceland operation are held with a AA rated European financial institution. Additional cash balances of $30 million, which by their terms become available this week, are held in U.S. dollars with Iceland banks and will be guaranteed by the government of Iceland according to a notice released by the Icelandic government today. This amount constitutes all funds held with Icelandic banks other than amounts posted as collateral for Century’s Icelandic krona hedges.
Construction for the new smelter at Helguvik is continuing per the project schedule and Century will continue to assess the situation in Iceland as it develops. “We continue to believe in the importance of the Helguvik project for the Company, our shareowners and its benefit to the Icelandic people and economy” said Logan Kruger, Century’s president and chief executive officer. “We will monitor the situation closely.”