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The case of Brazil cost Hydro 100 million fines and lawyer bills. In addition, NOK 7 billion in losses and expenses.
On the annual day of the Hydro Capital Market, the company confirmed Thursday spending $ 50 million in lawyers and consultants on the Brazilian file. This is in addition to the fines of NOK 65 million, writes Dagens Næringsliv.
The hydro plant at Alunorte produces half a capacity since March. Then, the environmental authorities and a court ordered the plant to reduce its production by 50% after accusations of drinking water contamination by leaks caused by extreme rainfall. Hydro has itself dismissed emissions charges that are harmful to the environment.
Halving production has resulted in a loss of revenue for the company of several billion. Hydro anticipates an annual loss of NOK 5 billion, provided that production has never been interrupted. After adjusting for strong fluctuations in commodity prices, the company estimates that a $ 4.5 billion loss after the deal has been passed on. In addition, the company raised 2.5 billion Swedish kroner during negotiations with the authorities, writes DN.
– We have no particular comment about it. It's just a cost we have to assume, "says Halvor Molland, director of information at Hydro, about the money spent on lawyers and consultants.
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