ALCOA

On March 15, 2003, Landsvirkjun and Alcoa, together with the Icelandic Government and the local authority of Fjarðabyggð, signed an agreement that Landsvirkjun would construct Kárahnjúkar Power Plant and Alcoa would build and operate the Fjarðaál aluminum smelter at Reyðarfjörður. Previous developments had culminated on March 5, 2003, in legislation by the Althing that authorized the two companies involved to complete the contracts for these projects... At that time, the power plant, aluminum smelter, and transmission lines were the biggest single construction project ever undertaken in Iceland and drew considerable attention. The conclusion of the environmental impact assessment had pointed out positive effects on society and the economy. The environmental effects were also set forth, indicating how mitigation measures could reduce the negative effects. Alcoa issued a public statement to the effect that the Fjarðaál smelter would be designed in such a way that pollution from it would..