Hydro has agreed to sell the site of its Kurri Kurri smelter in Australia to a joint venture of local property and residential land developers Stevens Group and McCloy Group.
Hydro decided to permanently close Kurri Kurri in 2014 and has since been working in consultation with the local community and other stakeholders to find redevelopment options for the site.
Since 2014, Hydro has been working on demolition and remediation of Kurri Kurri in accordance with environmental and biodiversity requirements, which will enable rezoning and allow for new development with socioeconomic benefits for the local community.
Hydro decided to idle production at Kurri Kurri in 2012 due to the continued weak macroeconomic environment, low metal prices, uncertain market outlook and a strong Australian dollar relative to the U.S. dollar, followed by the 2014 decision to permanently close the smelter.
Hydro and the Australian company Flow Systems Pty. Ltd. reached an agreement on a sale of the Kurri Kurri primary production site in July 2018. However, the agreement was terminated as the Flow Systems group of companies were unexpectedly put under voluntary administration towards the end of 2018.