Company: CENX
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000949157-25-000024
Chunk: 5

Company: CENTURY ALUMINUM CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1
Chunk 5
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 Our historical financial statements for periods prior to May 2, 2023 do not include the results of Jamalco. While Century may enter into other purchases of alumina as market conditions change, a summary of our principal alumina supply agreements is provided below: 

SupplierQuantityTermPricing (1)Glencore500,000 tpyThrough December 2028LME-linkedConcord Resources Ltd.Approximately 540,000 tpyThrough December 2029Fixed, LME-linked, and API-linked components

(1) "API" refers to a published alumina price index.

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Electrical Power Supply Agreements

The table below summarizes our long-term power supply agreements:

FacilitySupplierTermPricingGrundartangiLandsvirkjunThrough 2026 - 2036Variable rate based on (i) the LME price for primary aluminum (~70%) or (ii) a fixed rate plus an LME-linked component from 2024 - 2026Orkuveita Reykjavíkur ("OR")HS Orka hf ("HS")HawesvilleKenergy Corporation ("Kenergy")Through May 31, 2028Variable rate based on market pricesSebreeKenergyThrough May 31, 2028Variable rate based on market pricesMt. HollySantee CooperThrough December 31, 2026Service-based rates

Electrical power represents one of the largest components of our cost of goods sold. From time to time, we may enter into forward contracts or other hedging arrangements to mitigate our electrical power or natural gas price risk. The paragraphs below summarize the sources of power and the long-term power arrangements for each of our operations.

Grundartangi. Power is currently supplied to Grundartangi from hydroelectric and geothermal sources under long-term power purchase agreements with three separate power suppliers - HS, Landsvirkjun and OR. These power purchase agreements expire on various dates from 2026 through 2036 (subject to extension). The power purchase agreements with each of HS and OR provide power at LME-based variable rates for the duration of these agreements. The larger Landsvirkjun agreement provides for fixed rates with an additional variable rate linked to the LME.  Grundartangi also has a separate 25 MW power purchase agreement with Landsvirkjun at LME-based variable rate. Historically, all of the power supplied to Grundartangi has been delivered at prices indexed to the price of primary aluminum. Each power purchase agreement contains take