Alcoa Inespal SL, a subsidiary of Alcoa Corp. (AA, ASX: AAI), and IGNIS Equity Holdings, SL, the principal shareholder of the IGNIS Group, announced on Tuesday that they have finalized a Memorandum of Understanding with the Spanish National Government and the Xunta de Galicia. This agreement aims to ensure the long-term sustainability of the San Ciprian operations.
The Memorandum outlines a collaborative framework among all involved parties to address crucial challenges and improve the plant's future prospects. Key priorities include maintaining workforce stability and prioritizing the restart of the smelter. To achieve this, significant capital investments will be postponed to a later phase, thus focusing on immediate operational demands.
A primary aim is to implement strategies that facilitate competitive energy costs, thereby enhancing the plant’s operational viability. Moreover, the agreement emphasizes the necessity for substantially increased compensation for CO2 emissions to bolster the facility's sustainability efforts.
Currently, Alcoa Corp. is trading at $39.87 on the New York Stock Exchange, reflecting an increase of 0.85 percent or $0.34.
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