The Brazil case has cost Hydro 100 million in fines and attorney’s bills.In addition,NOK 7 billion in losses and expenses.
On Hydro’s annual capital market day,the company confirmed on Thursday that they spent 50 million dollars on lawyers and
consultants in the Brazilian case.This comes in addition to fines of NOK 65 million wrote Dagens Næringsliv newspaper (DN).
Hydro’s Alunorte plant has been producing at half-capacity since March.The environmental authorities and a court ordered
the plant to cut production by 50% after accusations of contaminated drinking water as a result of leaks after extreme rain. Hydro has itself returned accusations of environmentally harmful emissions.
Halving production has caused the company a loss of income of several billion.Hydro estimated an annual loss of NOK 5 billion,provided that production had never been interrupted. Adjusted for the large fluctuations in commodity prices,after the case was sent, the company estimated a loss of 4.5 billion. In addition, NOK 2.5 billion has been raised by the company in negotiations with the authorities wrote DN.
‘’We have no special comment on it. It’s just a cost we must take” said information director,Halvor Molland,of Hydro about the money they have spent on lawyers and consultants.
© NTB scanpix / #Norway Today
