11 MARCH 2013Budapesttimes.hu
MAL to be liquidated by Nemzeti Reorganizációs
Edited by : AL CIRCLE
1 min read
MAL Hungarian Aluminium Ltd is to be dismantled by state-owned liquidator Nemzeti Reorganizációs Nonprofit by court order, the National Development Ministry said on Wednesday. The firm behind the lethal “red mud” toxic waste spill of October 2010 has been in an impossible financial position since local environmental authorities fined it a record HUF 140 billion (EUR 472.45 million) last year. MAL, whose bauxite refinery in the western town of Ajka is the main employer in the area, was declared a company of strategic importance last September. Directors and senior management are on trial facing charges of gross negligence. The Hungarian National Asset Management Company (MNV) will provide funds to maintain operation during restructuring, the ministry said.
Meanwhile, MAL has wound up production at its bauxite mine in Halimba in the northwest, CEO Zoltán Bakonyi told state news agency MTI. The firm earlier announced that 200 workers would be laid off due to the closure of the unprofitable mine. MAL, whose aluminium production plants were set up during communist-era industrialisation, has hitherto mined some 80 per cent of its bauxite, aluminium ore, in Hungary.
It also has lost an appeal against a compensation order.
Meanwhile, MAL has wound up production at its bauxite mine in Halimba in the northwest, CEO Zoltán Bakonyi told state news agency MTI. The firm earlier announced that 200 workers would be laid off due to the closure of the unprofitable mine. MAL, whose aluminium production plants were set up during communist-era industrialisation, has hitherto mined some 80 per cent of its bauxite, aluminium ore, in Hungary.
It also has lost an appeal against a compensation order.
Previous article
Bauxite mining operations at a standstill at Nawailevy in Bua due to adverse weather
Next articleAlumina prices to decide bauxite project's efficiency
Grow with
AL Circle
