
Norsk Hydro has reported its fourth quarter 2016 results with a record bauxite production at Paragominas and alumina production in Alunorte.
For the full year 2016, the Paragominas bauxite mine and the Alunorte alumina refinery reached record yearly production of 11.1 million mt and 6.3 million mt, respectively..jpg)
Underlying EBIT for the Bauxite & Alumina business has increased significantly compared to the third quarter. The positive result is driven primarily by higher realized alumina prices and aluminium prices on the London Metal Exchange. There was also a significant positive effect from the settlement of a compensation arrangement related to the acquisition of Paragominas in 2011, which was realized after the complete acquisition of the remaining shares in Paragominas from Vale.
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"I am very pleased to see the record safety results for Hydro in 2016. Combined with record yearly production results at both the Paragominas bauxite mine and the Alunorte alumina refinery in Brazil, these results demonstrate our long-term commitment to operational excellence," says Svein Richard Brandtzæg, President and CEO of Hydro.
In 2016, Bauxite & Alumina achieved record production at both Paragominas and Alunorte and the company has better performance outlook for 2017.
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