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Gold/Mining/Energy : MAXXAM (ASE:MXM)
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To: Paul Lee who wrote ()2/24/1998 10:26:00 AM
From: Paul Lee   of 52
 
this should be helpful KAISER ALUMINUM SMELTER IN GHANA IN AGREEMENT TO RECEIVE COMPENSATION FOR POTLINE IT WILL CURTAIL

HOUSTON--(BUSINESS WIRE)--Feb. 24, 1998--Kaiser Aluminum Corporation (NYSE:KLU) today announced that its 90%-owned Volta Aluminium Company Limited (Valco) smelter in Ghana has reached an agreement with the Volta River Authority (VRA) to receive compensation in lieu of the power necessary to run a potline that Valco said it will curtail on February 26, 1998. The compensation is expected to offset substantially the financial impact of the curtailment. As a result of the curtailment, Valco will be operating two of its five potlines.

As previously announced, the company has notified the VRA that it believes it has the contractual rights to sufficient energy to run four and one-half potlines in 1998. Valco continues to seek compensation from the VRA regarding any uncompensated power reductions below the level of power required to run four and one-half potlines. Valco and the VRA also are in continuing discussions concerning other matters, including steps that might be taken to reduce the likelihood of power curtailments beyond 1998. No assurances can be given as to the success of these discussions or as to the operating level of Valco for the remainder of 1998 or beyond.
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