In total, the estimated underlying loss for the second half 2010 is about NOK625M ($108.7M) compared to a loss of about NOK285M ($49.5M) in the first half.
Following a shutdown due to an extended power outage on August 10, the Qatalum plant in Qatar restarted aluminium production on September 15. Qatalum is expected to reach full capacity by the end of Q1 2011.
Qatalum’s insurance is expected to cover most of the loss related to fixed assets and business interruption. The first payment from the insurers is expected to be requested during Q4 2010.
Qatalum is a 50-50 joint venture between Qatar Petroleum and Hydro. When complete, it will have a production capacity of 585kt/y of aluminium.
