Document:

EX-10.14

Exhibit 10.14

ALUMINA PURCHASE AGREEMENT

     This Alumina Purchase Agreement (this “Agreement”) is entered into on this 2nd day of
November, 2004, between Gramercy Alumina LLC, a Delaware limited liability company (hereinafter
called “Seller”) and Gramercy Alumina Holdings Inc., a Delaware corporation (“Buyer”).

RECITALS:

     A. WHEREAS, Seller desires to sell to Buyer fifty percent (50%) of the sandy calcined
metallurgical grade alumina (“Alumina”) produced at Seller’s alumina refinery located at Gramercy,
Louisiana (the “Refinery”); and

     B. WHEREAS, Buyer desires to purchase and accept from Seller fifty percent (50%) of the
Alumina produced during the term hereof at the Refinery;

     NOW, THEREFORE, in consideration of the premises and the covenants and agreements set forth
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

Article 1

Definitions

     1.1 Definitions. As used herein, unless otherwise defined herein or the context
otherwise requires, the following terms shall have the meanings specified below:

     “Affiliate” of any person means any person directly or indirectly controlling, controlled by
or under common control with such person. For the purpose of this definition only, “control” shall
mean owning more than 50% of the equity interests in, or having the right to elect or designate a
majority of the Board of Directors or similar governing body of, whether through the ownership of
voting securities, by contract or otherwise, any person.

 

 

     “Alumina” has the meaning specified in Recital A.

     “Alumina Price” has the meaning specified in Section 2.5.

     “Buyer’s Customer” means any person to which Buyer may sell Alumina.

     “Century” has the meaning specified in Section 5.4.

     “Contract Year” means a period of time running from January 1 of each year through December 31
of the same year, except that the first Contract Year shall run from the Effective Date through
December 31, 2004.

     “Customary Quick Dispatch” means the barge is to be loaded as quickly as is customary and
possible.

     “Effective Date” has the meaning specified in Section 4.1.

     “FOB” means, to the extent that the 1990 version of the Incoterms are not inconsistent with
the provisions of this Agreement, FOB as defined by the 1990 version of the Incoterms published by
the International Chamber of Commerce, Paris, France, as amended from time to time (collectively,
the “Incoterms”).

     “Force Majeure” means any event or circumstance beyond the reasonable control of a party,
including but not limited to: accidents to or breakdown or mechanical failure of machinery or
equipment, however caused; strikes or other labor troubles; shortage of labor, transportation, raw
materials, energy sources, or failure of usual means of supply; fire, explosion, flood or
hurricane; war, declared or undeclared; insurrection, riots or sabotage; acts of God or the public
enemy; river conditions; and priorities, allocations, or limitations or other acts required or
requested by government or any subdivisions, bureaus or agencies thereof.

     “GAAP” means U.S. generally accepted accounting principles, consistently applied.

     “mt” or “metric ton” means a unit of metric weight of 1,000 kilograms.

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     “Operating Costs” has the meaning specified in Exhibit B.

     “Rated Capacity” means, assuming normal operating conditions and taking into account
maintenance and other technical requirements, 1,000,000 mt of Alumina per year.

     “Refinery” has the meaning specified in Recital A.

     “Seller’s Account” means such account as Seller shall notify to Buyer from time to time in
writing.

Article 2

Purchase and Sale of Alumina and Related Matters

     2.1 Quantity. Subject to and in accordance with the terms and conditions of this
Agreement, Seller shall sell to Buyer, and Buyer shall purchase and accept from Seller, fifty
percent (50%) of the Alumina produced at the Refinery for each Contract Year during the term of
this Agreement. Seller shall use reasonable commercial efforts to cause the Refinery to operate at
Rated Capacity at all times during the term of this Agreement. Seller shall notify Buyer of the
estimated tonnage to be supplied during each Contract Year on or before September 15 of the
immediately preceding year.

     2.2 Source of Supply and Quality.

          (a) Specifications. The parties intend that the Alumina to be sold by Seller to Buyer
pursuant to this Agreement shall be produced at the Refinery and shall conform to the
specifications set forth in Exhibit A hereto. In addition to meeting the standards on Exhibit A,
Seller will use its reasonable efforts to improve its quality standards at the Refinery and will
meet with Buyer on at least a yearly basis to discuss quality standards. Seller will use its
reasonable efforts to meet, at a minimum, alumina industry averages for North and South American,
Western European and Australian refineries for chemical and physical specifications.

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          (b) NO OTHER WARRANTIES. SELLER MAKES NO OTHER
WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WRITTEN OR ORAL, INCLUDING THAT OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE.

     2.3 Delivery; Risk of Loss.

          (a) Deliveries. Deliveries of Alumina hereunder shall be made by Seller to Buyer in
approximately equally spread shipments during each Contract Year, FOB Buyer’s or Buyer’s Customer’s
barge at Gramercy, Louisiana.

          (b) Passage of Title. Title, risk of loss and all other incidents of ownership of
Alumina shall pass from Seller to Buyer or to Buyer’s Customer, as the case may be, upon delivery
at the FOB point.

     2.4 Weight Loaded. The weights of Alumina delivered hereunder shall be determined at
the time of loading by an independent marine surveyor (appointed and paid for by Seller), and the
results of such determination shall be conclusive and binding on the parties hereto for the purpose
of determining the quantity of Alumina delivered hereunder. A copy of the draft weight
determination for each barge will accompany each bill of lading provided by Seller to Buyer.

     2.5 Purchase Price. The purchase price per mt of Alumina sold by Seller to Buyer
hereunder, which shall include a commercially reasonable profit component (the “Alumina Price”)
shall be determined in accordance with the procedures outlined in Exhibit B.

     2.6 Invoicing and Payment.

          (a) Invoicing. Seller shall invoice Buyer for each delivery of Alumina to Buyer’s, or
Buyer’s Customer’s, barge. Alumina delivered prior to the month in which it is to be priced
according to Section 2.5 shall be invoiced provisionally at the Alumina Price in effect for

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the month in which the Alumina is delivered, and Seller shall issue a corrected invoice
promptly at the beginning of the calendar month immediately following the month of delivery.

          (b) Payment. Payment shall be made by Buyer to Seller on or before the fifteenth
(15th) day of the month following the month of shipment by wire transfer of immediately available
funds to Seller’s Account.

          (c) Currency. All transactions and payments pursuant to this Agreement shall be made
in United States dollars.

          (d) Interest. Without prejudice to any other rights Seller may have, the amount of
any overdue payments or any partial payment of any invoiced portion of the Alumina Price shall bear
interest at a rate per annum equal to the U.S. prime rate for first class customers as quoted by
J.P. Morgan Bank One, N.A., plus two percent (2%), over the period from the date on which payment
or partial payment should have been made to the date of actual making of payment.

          (e) Timing and Format. The parties agree that invoices may be rendered, and payment
may be required, at more frequent intervals than otherwise described in this Section 2.6 (including
on a prepayment basis) as Seller may reasonably determine (on either a short-term or long-term
basis) in order to assure adequate funding for Operating Costs, with reasonable prior notice to
Buyer to the extent practicable. The Parties further agree that the form of the invoices shall
contain such detail as either Party may reasonably request, including description of any special
charges attributable to unusual and incremental costs specifically related to Buyer’s purchases of
Alumina under this Agreement or related to any breach of this Agreement by Buyer.

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Article 3

Shipping

     Buyer shall provide or cause to be provided barges that are suitable for loading and in
conformance with restrictions and limitations at the barge loading facility located adjacent to the
Refinery. Reasonable barge schedules shall be agreed between Buyer and Seller at least fifteen
(15) days prior to commencement of each calendar quarter during the Contract Year then in effect.
The parties will cooperate in regard to scheduling deliveries hereunder in accordance with local
customs and practices, but, in any event, Buyer shall and shall cause Buyer’s Customer to, unless
otherwise agreed in writing, move its barges from the loading area as soon as reasonably possible
following completion of loading. Barge loadings shall be on a Customary Quick Dispatch basis.

Article 4

Term; Termination

     4.1 Term. This Agreement shall be effective as of the 1st day of October,
2004 (the “Effective Date”) and shall terminate on December 31, 2010, unless sooner terminated in
accordance with Section 4.2 or extended by mutual agreement of Buyer and Seller.

     4.2 Termination. This agreement may be terminated prior to the expiration of its term
only by mutual agreement of Buyer and Seller.

     4.3 Default.

          (a) Suspension. If Buyer fails to timely make payments to Seller as provided herein,
Seller shall, after ten (10) days written notice of default has been given to Buyer, suspend
further shipments of Alumina to Buyer. Subject to the provisions of subparagraph (b) of this
Section 4.3, Seller will retain and store such Alumina as would otherwise be shipped to Buyer

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and will ship said Alumina when Buyer has cured its default and made the payments provided for
herein.

          (b) Resale. If written notice of default has been given to Buyer as provided in
subparagraph (a) above and Buyer has not cured the default by making the required payments within
an additional ten (10) days from the receipt by Buyer of the notice provided in subparagraph (a),
Seller, at its sole option, may sell to one or more third parties, in any commercially reasonable
manner, the Alumina that would otherwise have been shipped to Buyer, including the Alumina held
pursuant to the provisions of subparagraph (a). If the sale(s) of such Alumina to third party(ies)
produces revenues less than Seller would have received from Buyer if Buyer had purchased such
Alumina hereunder, Buyer shall pay the deficiency, on demand, to Seller. If the sale(s) to third
party(ies) produces revenues greater than Seller would have received from Buyer, Buyer shall not be
entitled to the excess, which shall be retained by Seller.

          (c) Costs. Buyer shall be responsible for any and all additional costs, including
demurrage and additional shipping costs, incurred by Seller as a consequence of Buyer’s default and
Seller’s conduct pursuant to this Section 4.3 and shall pay said additional costs to Seller on
demand. In the event that Seller receives excess revenues pursuant to the provisions of
subparagraph (b) above, Buyer shall not be entitled to set-off said excess revenues against the
additional costs payable by Buyer provided for herein.

Article 5

Liability

     5.1 Liability. Except as specifically provided in this Agreement, neither party to
this Agreement shall be liable to the other party hereto for direct economic loss or damage,
including, but not limited to, personal injuries or loss of physical equipment, actually sustained
as a result

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of the operation of this Agreement, unless such loss or damage result from the gross
negligence, willful act or intentional failure to act of a party hereto.

     5.2 NO CONSEQUENTIAL DAMAGES. NEITHER PARTY TO THIS AGREEMENT SHALL BE LIABLE TO THE
OTHER PARTY HERETO FOR ANY INDIRECT, CONSEQUENTIAL OR INCIDENTAL DAMAGE OR LOSS INCURRED AS A
RESULT OF THE OPERATION OF THIS AGREEMENT, UNLESS SUCH DAMAGE OR LOSS IS THE RESULT OF WILLFUL
ACTION OR INTENTIONAL FAILURE TO ACT OF A PARTY HERETO.

     5.3 Limitation on Liability. Upon termination of this Agreement (including
termination upon the expiration of the term of this Agreement), neither party to this Agreement
shall have any liability to the other party to this Agreement, except for any such liability that
may have accrued through the date of termination.

     5.4 Century Agreement. Seller and Buyer acknowledge that, concurrent with the
execution of this Agreement, Seller will enter into a like agreement with Century Aluminum of
Kentucky LLC or an Affiliate thereof (“Century”) for the purchase of the fifty percent (50%) of the
Alumina produced by the Refinery not purchased by Buyer hereunder. Seller acknowledges that the
provisions of Section 5.5 will be incorporated in its like agreement with Century.

     5.5 Force Majeure. If an event of Force Majeure occurs at the Refinery, Buyer and
Century shall each be entitled to receive fifty percent (50%) of any Alumina that Seller produces.
If an event of Force Majeure occurs by Buyer’s facility or any facility of Buyer’s Customer and
Buyer or Buyer’s Customer is unable to use the Alumina to be purchased hereunder, Buyer shall
continue to be obligated to purchase the Alumina provided hereunder and shall not be entitled to

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cease performance hereunder, in any manner, due to the event of Force Majeure. Neither Buyer
nor Seller shall be entitled to terminate this Agreement by reason of an event of Force Majeure.

Article 6

Miscellaneous

     6.1 Notices. All notices or communications required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given (a) when received (in the
case of personal delivery or delivery by 24-hour guaranteed courier service or delivery within the
United States by registered or certified United States mail) at the addresses set forth below or
(b) when transmitted by fax (and confirmed by mail) to the fax numbers set forth below:

	 	 	 
	If to Seller:

	 	Gramercy Alumina LLC
	 

	 	Mail:
	 

	 	P.O. Box 3370
	 

	 	All other: 111 Airline Hwy.
	 

	 	Gramercy, LA 70052
	 

	 	Fax: (225) 869-2191
	 
	 	 
	with a copy to:

	 	Century Aluminum Company
	 

	 	2511 Garden Road
	 

	 	Building A, Suite 200
	 

	 	Monterey, CA 93940
	 

	 	Attn: General Counsel
	 

	 	Fax: (831) 642-9328
	 
	 	 
	If to Buyer:

	 	Gramercy Alumina Holdings Inc.
	 

	 	801 Crescent Centre Drive
	 

	 	Suite 600
	 

	 	Franklin, TN 37067
	 

	 	Attn: President
	 

	 	Fax: (615) 771-5710
	 
	 	 
	with a copy to:

	 	Noranda Aluminum, Inc.
	 

	 	801 Crescent Centre Drive
	 

	 	Suite 600
	 

	 	Franklin, TN 37067
	 

	 	Attn: President
	 

	 	Fax: (615) 771-5710

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     6.2 Headings. The headings of Articles and Sections of this Agreement are merely for
convenience of reference and have no substantive significance. Headings shall be disregarded in
the interpretation of this Agreement.

     6.3 Entire Agreement. This Agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior and contemporaneous
written or oral understandings, agreements, negotiations and discussions between the parties
relating to the subject matter hereof.

     6.4 Amendments. No amendment to or modification of this Agreement shall be valid or
binding on either party hereto unless reduced to writing and executed by both parties hereto.

     6.5 Waiver. No waiver by either party of any breach or default in performance by the
other party, and no failure to exercise any right or option given to either party hereunder or to
insist upon strict compliance with or performance of the terms of this Agreement, shall constitute
a waiver of the provisions of this Agreement with respect to any subsequent breach thereof.

     6.6 Severability. Should any provision herein contained prove to be invalid, illegal
or unenforceable, the remaining provisions shall remain of full force and effect and the parties
shall endeavor in good faith to agree on the details of alternative provisions that are valid,
legal and enforceable and that come nearest to the original provisions in legal and economic impact
and intent.

     6.7 Parties In Interest; Assignment. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and assigns. This
Agreement shall not be assigned by either party hereto without the written consent of the other
party hereto, provided, however, that each party may assign this Agreement to an
Affiliate of such party, and such Affiliate may further assign the Agreement to other Affiliates of
such party,

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without the consent (written or verbal) of the other party to this Agreement. If a party
assigns this Agreement to an Affiliate and such Affiliate ceases to be an Affiliate of the
assignor, the person that ceases to be an Affiliate of the assignor shall immediately reassign this
Agreement to its assignor effective as of the date that such affiliation terminated. Nothing in
this Agreement is intended or shall be construed to confer upon or to give any person, other than
the parties hereto and their successors and assigns, any rights or remedies under or by reason of
this Agreement.

     6.8 Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed to be an original, and such counterparts shall constitute one and the same
instrument.

     6.9 Governing Law. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York (without regard to applicable principles of
conflict of laws). Any action or proceeding arising out of or relating to this Agreement shall be
brought, heard and determined in any New York state or federal court sitting in the City of New
York, and each of the parties consents to the jurisdiction and venue of such courts in any such
action or proceeding.

     6.10 Relationship between the Parties. It is not the purpose or intention of this
Agreement to create a partnership relationship between the parties. Nothing contained in this
Agreement shall be deemed to constitute any party as the partner of any other party or, except as
otherwise expressly provided, to constitute any party as the agent or legal representative of any
other party or to create any fiduciary relationship between them. Neither party shall have any
authority to act for or to assume any obligation or responsibility on behalf of the other party
except as expressly provided in this Agreement.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date and year first above written.

	 	 	 	 	 
	 	GRAMERCY ALUMINA LLC

 	 
	 	By:  	/s/ William H. Brooks
 	 
	 	Name:  William H. Brooks 	 
	 	Its:                Manager and Vice President 	 
	 
	 	AND	 

	 	 	 	 	 
	 	By:  	                   /s/ E. Jack Contes
 	 
	 	Name:  E. Jack Contes 	 
	 	Its:               Manager & Vice President 	 
	 

	 	 	 	 	 
	 	GRAMERCY ALUMINA HOLDINGS INC.

 	 
	 	By:  	/s/ Richard J. Anderson
 	 
	 	Name:  Richard J. Anderson 	 
	 	Its:                  Vice President and Secretary 	 
	 

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EXHIBIT A

ALUMINA SPECIFICATIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Chemical	 	 	 	As Elements	 	 	 	 	 	 	 	 	 	As Oxides	 	 
	Properties	 	% Max	 	% Typical	 	Long Range	 	% Max	 	% Typical	 	Long Range
	Si
	 	0.010%	 	 	0.0030	%	 	 	 	 	 	 	0.0210	%	 	 	0.0060	%	 	 	 	 
	Fe
	 	0.010%	 	 	0.0060	%	 	 	 	 	 	 	0.0140	%	 	 	0.0090	%	 	 	 	 
	Na
	 	0.40%	 	 	0.250	%	 	 	 	 	 	 	0.540	%	 	 	0.340	%	 	 	 	 
	Ca
	 	0.040%	 	 	0.0240	%	 	 	 	 	 	 	0.0560	%	 	 	0.0340	%	 	 	 	 
	Zn
	 	0.0120%	 	 	0.0090	%	 	0.010% Max	 	 	0.0150	%	 	 	0.0110	%	 	0.012% Max
	P
	 	0.0007%	 	 	<0.0007	%	 	 	 	 	 	 	0.00150	%	 	 	<0.0015	%	 	 	 	 
	V
	 	0.0020%	 	 	<0.0020	%	 	 	 	 	 	 	0.0040	%	 	 	<0.004	%	 	 	 	 
	Ga
	 	0.010%	 	 	<0.010	%	 	 	 	 	 	 	0.0130	%	 	 	<0.013	%	 	 	 	 
	 
	Physical	 	 	 	 	 	 	 	 
	Properties	 	% Min	 	 	 	 	 	 	 	 	 	% Max	 	% Typical	 	Long Range
	+100 Mesh
	 	 	 	 	 	 	 	 	 	 	 	 	15.0	%	 	 	3.0	%	 	 	 	 
	-325 Mesh
	 	 	 	 	 	 	 	 	 	 	 	 	10.0	%	 	 	5.0	%	 	 	 	 
	-20 Micron
	 	 	 	 	 	 	 	 	 	 	 	 	1.5	%	 	 	<1.5	%	 	 	1.0	%
	Attrition Index
	 	 	 	 	 	 	 	 	 	 	 	 	20.0	%	 	 	<20.0	%	 	 	 	 
	LOI
	 	 	 	 	 	 	 	 	 	 	 	 	1.0	%	 	 	1.0	%	 	 	 	 
	% Moisture
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(0-300 C)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	<1.0	%
	BET
	 	60.0	 	 	 	 	 	 	 	 	 	 	80.0	 	 	 	 	 	 	 	 	 
	Density
	 	Report only	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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Exhibit B

ALUMINA PRICE

The Alumina Price per mt in any period shall equal the aggregate of Operating Costs incurred by
Seller, net of any revenue realized by Seller, including, without limitation, revenue arising from
sales by Seller of products or assets, excluding any sales of Alumina to Buyer or to Gramercy
Alumina Holdings Inc. or one of its Affiliates, divided by the total production of Alumina during
that period.

Operating Costs shall mean all costs, expenses and charges incurred by Seller for the operation,
maintenance and repair of the Refinery, including, without limitation, (i) all costs and expenses
incurred by Seller for the purchase of bauxite and other raw materials used in the production of
Alumina and all chemicals, additives and agents used in the production process, natural gas,
electrical power and other energy sources used in the production process and all utilities and
other services used in the operation of the Refinery, (ii) all Employee Costs (as defined below),
(iii) all costs and expenses incurred by Seller for the services of third-party contractors,
advisors and agents, including without limitation any marine surveyor engaged in connection with
the weighing of Alumina, and for the purchase of equipment and supplies used in the operation,
maintenance and repair of the Refinery, (iv) all Capital Expenditures (as defined below), and (v)
all interest and other costs related to refinancing that may be incurred by Seller, all as
determined by Seller. All such costs, expenses and charges shall be computed on an accrual basis
in accordance with GAAP, and shall exclude (a) depreciation and amortization, and (b) all
additional costs incurred by Seller as a consequence of Buyer’s default hereunder or Century’s
default under its like agreement with Seller.

“Capital Expenditures” shall mean all costs and expenses incurred by Seller in connection with the
purchase, lease, construction or use of fixed assets or other assets constituting part of Seller’s
plant, property or equipment, both tangible and intangible, that would be capitalized and shown on
the balance sheet of Seller in accordance with GAAP.

“Employee Costs” shall include, without limitation, all salaries, wages and benefits payable by
Seller and the cost to Seller of funding of actuarial cost obligations accruing under pension plans
determined under the funding methods used to determine costs under the plans, and the payment of
other obligations accruing under any employee benefit plans, group life insurance plans, major
medical plans, medical (including drug) reimbursement plans, salary continuation plans,
supplemental unemployment benefit plans and welfare plans, severance or termination of pay plans,
and retiree benefit, savings, bonus or profit-sharing plans.

In the quarter prior to the commencement of each calendar year, Seller’s management shall prepare
and present an annual plan (“Annual Plan”) of all Operating Costs, Employee Costs and Capital
Expenditures for the forthcoming year, to Buyer and to Seller’s Managers for review and approval.
During the course of each year, Seller’s management shall update Buyer and its Managers as to
compliance with the Annual Plan. Any major deviation from the Annual Plan shall be subject to
review and approval by Buyer and by Seller’s Managers.

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Exhibit 10.15

AGREEMENT

     THIS AGREEMENT by and between Union Electric Company d/b/a AmerenUE (“AmerenUE”) and Noranda
Aluminum, Inc. (“Noranda”), individually a “Party” or collectively the “Parties,” is entered into
this 14th day of December, 2004.

     WHEREAS, Noranda operates an aluminum smelter near or about New Madrid, Missouri, and in
operating said facility requires electricity and related services; and,

     WHEREAS, AmerenUE is a public utility selling and delivering electricity and related services
in a service territory in the State of Missouri; and,

     WHEREAS, Noranda is desirous of purchasing electricity and related services from AmerenUE,
subject to certain terms and conditions as expressed below; and,

     WHEREAS, AmerenUE is willing to sell and deliver electricity and related services to Noranda,
subject to certain terms and conditions as expressed below; and

     WHEREAS, AmerenUE and Noranda entered into a Letter of Intent on October 14, 2004, expressing
their intent and desire to reach this Agreement; and to have this Agreement be the full and
complete understanding of the Parties, and

     NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby
acknowledged by each of the Parties, the Parties agree as follows:

	 	1.	 	LTS Tariff And Electric Service Agreement.

	 	A.	 	Noranda agrees to take capacity and energy from AmerenUE under
the rates, terms and conditions of a proposed Missouri Large Transmission
Service (“LTS”) tariff and in accord with the accompanying Electric Service
Agreement (“ESA”), as set forth in Exhibit A attached hereto and incorporated
by reference. Regulatory approval of the LTS tariff as described in Exhibit A
is a condition precedent to AmerenUE providing service to Noranda.
	 
	 	B.	 	Exhibit A shall not be modified, amended, or waived in full or
in part in any manner unless agreed to by the Parties, and any such agreement
shall be in writing.
	 
	 	C.	 	Noranda and AmerenUE agree to cooperate and in good faith seek
regulatory approval of the LTS tariff.

	 	2.	 	Metro East Transfer And CTG Acquisitions. AmerenUE’s obligation to initiate
service hereunder is conditioned upon (i) receipt of all regulatory approvals with
respect to the Metro East Service area transfer pending before the Missouri Public
Service Commission (“MoPSC”) in Case No. EO-2004-0108 and acquisitions of the Kinmundy
and Pinckneyville CTGs, to AmerenUE’s satisfaction in its sole discretion, and (ii)
AmerenUE completing the transfer of its

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	 	 	 	Metro East Service area to AmerenCIPS by June 1, 2005, and completing the purchase
of the Kinmundy and Pinckneyville CTGs from Ameren Energy Generating Company by June
1, 2005.
	 
	 	3.	 	MoPSC Approval To Extend AmerenUE Service Territory And Additional Regulatory
Assurances. AmerenUE’s obligations hereunder, including without limitation its
obligations as provided for by Exhibit A, are conditioned upon AmerenUE receiving an
order satisfactory to AmerenUE in its sole discretion, from the MoPSC, granting
AmerenUE a certificate of public convenience and necessity extending its Missouri
service area to incorporate Noranda’s New Madrid premises, such that AmerenUE has the
obligation to provide electric service under Missouri law to Noranda under the LTS
tariff. AmerenUE and Noranda shall endeavor to obtain such an order not later than
March 15, 2005.
	 
	 	4.	 	Exclusive Supplier. In the event that all regulatory approvals are received
and all conditions as otherwise required are met and the MoPSC issues an order as
provided in Paragraphs 2 and 3 above, and, on or before April 22, 2005, AmerenUE
notifies Noranda pursuant to Paragraph 6 below that all necessary regulatory assurances
and approvals referred to therein are sufficient, Noranda commits to purchase all of
the electrical requirements for its aforementioned aluminum smelter near New Madrid,
Missouri, including energy losses incurred in order to deliver such electricity from
AmerenUE, for the entirety of the Term regardless of the rate or tariff under which
Noranda is taking service from AmerenUE. Noranda further agrees, subject to the above
conditions, to relinquish whatever rights or entitlement it has under law (including
but not limited to Section. 91.026 RSMo as now in effect or as may be amended from time
to time), rule, regulation, or tariff, to purchase, acquire or take delivery of power
and energy from other electrical providers during the Term. If AmerenUE does not
timely give Noranda the notice provided for above, this Agreement shall be void, and
the parties shall have no further obligations hereunder,
	 
	 	5.	 	Term. Noranda agrees to take service from AmerenUE initially pursuant to the
terms and conditions of the LTS tariff in Exhibit A, and then pursuant to the LTS
tariff or another applicable rate or tariff as subsequently approved by the MoPSC in a
later rate proceeding, for a period under such rates of fifteen (15) years, such period
to commence when Noranda begins taking service under the attached LTS tariff and ESA.
The Term shall automatically be extended in one-year increments unless or until the
Agreement is terminated at the end of the Term or any annual extension thereof by a
written notice of termination given by either Party and received not later than five
years prior to the date of termination.
	 
	 	6.	 	Other Regulatory Assurances. AmerenUE’s obligations hereunder, including
without limitation its obligations as provided for by Exhibit A, are conditioned upon
receipt of the regulatory assurances described in Paragraphs 2 and 3 above and any
related Federal Energy Regulatory Commission (“FERC”) approval(s), and a determination
by AmerenUE, in its sole discretion, that such regulatory assurances and FERC
approval(s) are sufficient. AmerenUE shall notify Noranda

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	 	 	 	in writing of any determination of sufficiency under this Paragraph immediately upon
its decision, but in no event later than 30 days after the MoPSC and FERC issue
their final orders addressing the subject matter of this Agreement.
	 
	 	7.	 	Enforceability. In the event that any provision of this Agreement shall be
held by any court of competent jurisdiction to be illegal, void or unenforceable as
applied in any particular circumstance, its illegality or unenforceability in such
circumstance shall neither affect nor impair the enforceability of such provision in
any other circumstance or impair the enforceability of any provision of this Agreement
to the maximum extent permitted by applicable law.
	 
	 	8.	 	Modification. The terms of this Agreement may not be amended, modified or
waived except by an instrument in writing signed by both Parties.
	 
	 	9.	 	Signed Counterparts. This Agreement may be signed in separate counterparts,
each of which shall be binding on the Parties who are signatory to a counterpart.
	 
	 	10.	 	Final Agreement. This Agreement is intended to supersede and control with
respect to the Parties’ understanding irrespective of the Letter of Intent and any
prior oral agreement.
	 
	 	11.	 	Limitation Of Damages. No Party (or any affiliate thereof) shall be liable to
the other Party (or any affiliate thereof) for indirect, consequential, special,
incidental, or punitive damages of any kind or nature whatsoever in connection with
this Agreement.
	 
	 	12.	 	Assignment. This Agreement shall be binding upon and inure to the benefit of
the Parties and their respective successors and permitted assigns. Noranda shall not
assign or transfer its rights or obligations under this Agreement, by operation of law
or otherwise, without the prior written consent of AmerenUE, which consent shall not be
unreasonably withheld. The Parties expressly agree, however, that a potential
assignee’s failure to satisfy the credit requirements as set forth in the LTS tariff in
Exhibit A shall be reasonable grounds for withholding consent.

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     IN WITNESS THEREOF, the undersigned have executed this Agreement as of the date first above
written.

Noranda Aluminum, Inc.

By  /s/ Keith Gregston                                        

Name Keith Gregston

Title President & General Manager, Noranda Aluminum, Inc. — Primary Division

Union Electric Company d/b/a AmerenUE

By  /s/ Steven R. Sullivan                                        

Name Steven R. Sullivan

Title Senior Vice President Gov’t / Regulatory Policy, General Counsel & Secretary

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Exhibit A to Agreement

Noranda Aluminum, Inc. and Union Electric Company

December 14, 2004

UNION ELECTRIC COMPANY ELECTRIC SERVICE

P. S. C. MO., SCHEDULE NO. ___

ORIGINAL SHEET NO. ___

APPLYING TO MISSOURI SERVICE AREA

SERVICE CLASSIFICATION NO. 12 (M)

LARGE TRANSMISSION SERVICE RATE

Rates Based on Monthly Meter Readings

Summer Rate (Applicable during four (4) monthly billing periods of June through September)

          Customer Charge — per month $210.00

          Demand Charge — per kW of Billing Demand $11.816

          Energy Charge — per kWh $0.02242

          Reactive Charge — $0.24 per kVar

Winter Rate (Applicable during eight (8) monthly billing periods of October through May)

          Customer Charge — per month $210.00

          Demand Charge — per kW of Billing Demand $4.504

          Energy Charge — per kWh $0.01974

          Reactive Charge — $0.24 per kVar

Optional Time-of-Day Adjustments

     Additional Customer Charge — $14.00 per month

	 	 	 	 	 
	Energy Adjustment - per kWh	 	On-Peak Hours(1)	 	Off-Peak Hours(1)
	Summer kWh

	 	+$0.0045
	 	-$0.0025
	 
	Winter kWh

	 	+$0.0020
	 	-$0.0011

 

			
	(1)	 	On-peak and off-peak hours applicable shall be as specified within this service
classification.

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Energy Line Loss Rate. Compensation for Customer’s energy line losses from use of the
transmission system(s) outside Company’s control area shall be in the form of energy solely
supplied by Company to the transmission owner(s) and compensated by payment at a monthly
rate of $0.0325 per kWh after appropriate Rider C adjustment of meter readings.

Annual Contribution Factor. Customer shall pay an Annual Contribution Factor to Company,
calculated as follows:

The Annual Contribution Factor (“ACF”) shall be calculated as of the date of the
completion of each successive 12-month billing period, commencing with the first
annual anniversary date of service to Customer under the rate. In the event the ACF
is eliminated or discontinued prior to the said anniversary date, no Customer
payment is required.

The ACF shall be calculated so as to provide Company an annual net bundled kilowatt-hour
realization to Company of $0.0325/kWh, after appropriate Rider C adjustments to Customer’s monthly
kilowatt-hour and kilowatt meter readings. All energy and compensation due as a result of the
Energy Line Loss and Reactive Charge provisions herein, if any, shall be excluded in the
calculation of the ACF. The ACF shall be eliminated effective upon a Missouri Public Service
Commission (“MoPSC”) order in a Complaint case, rate case proceeding, or any other regulatory
proceeding where Company’s rates for its bundled Service Classifications are changed.

	1.	 	Transmission Service Requirements. Company’s obligation to provide service under this rate
is conditioned upon receipt of approval from the appropriate Regional Transmission
Organization (“RTO”) to incorporate Customer’s load within Company’s Network Integration
Transmission Service agreement without the obligation or requirement that Company construct,
upgrade, or improve any existing or new transmission plant or facilities.
	 
	 	 	Customer shall be responsible for securing firm transmission service throughout the Contract
Term outside of Company’s control area at no cost or charge to Company (except for Energy
Line Losses), if necessary, and Customer agrees to indemnify and hold Company harmless from
all such costs or charges imposed or billed. In any event, Customer shall be responsible
for all costs and charges imposed or billed to Company from an RTO that are based on the
fact that Customer’s load is not directly connected to Company’s system (e.g. Through and
Out rates imposed by the Midwest Independent System Operator, Inc.)
	 
	2.	 	Credit Requirements. A Customer taking service under this rate shall agree to the following
special credit terms and conditions, in addition to those that may be required pursuant to
Company’s rules, regulations, rates or tariffs: Company, upon request and in its sole
discretion, may demand of Customer a security deposit in the form of cash, letter of credit or
surety bond, equal to two times (2x) the highest monthly utility bill from the prior 12-month
period, upon the occurrence of any of the following:

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	 	a.	 	an assignment to Customer or Customer’s parent of a long-term public debt
rating by Moody’s that falls below the rating of Baa3;
	 
	 	b.	 	an assignment to Customer or Customer’s parent of a long-term public debt
rating by Standard & Poor’s that falls below the rating of BBB-;
	 
	 	c.	 	a significant change in ownership, as determined by Company, including but not
limited to a change in ownership or possession of the assets of Customer;
	 
	 	d.	 	the assessment of two (2) late payment charges within any 12 month rolling
period; or
	 
	 	e.	 	Customer makes an assignment for the benefit of creditors, or otherwise becomes
bankrupt or insolvent (however evidenced), in which case Company may pursue other
remedies available in law or equity, including a declaration that the agreement is in
default.

	3.	 	Payments. Bills are due and payable within ten (10) days from date of bill.
	 
	4.	 	Contract Term. A Customer taking service under this rate shall agree to an initial Contract
Term of 15 years. The Contract Term shall be extended in one-year increments unless or until
the contract is terminated at the end of the Contract Term or any annual extension thereof by
a written notice of termination given by either party and received not later than five years
prior to the date of termination. During the Contract Term, a Customer taking service under
this rate agrees that Company shall be the exclusive supplier of power and energy to
Customer’s premises, and waives any right or entitlement by virtue of any law, including but
not limited to Section 91.026 RSMo as it now exists or as amended from time to time, statute,
rule, regulation, or tariff, to purchase, acquire or take delivery of power and energy from
any other person or entity.
	 
	5.	 	Tax Adjustment. Any license, franchise, gross receipts, occupation or similar charge or tax
levied by any taxing authority on the amounts billed hereunder will be so designated and added
as a separate item to bills rendered to customers under the jurisdiction of the taxing
authority.
	 
	6.	 	Rate Application. This rate shall be applicable, at Customer’s request, to any Customer that
1) consumed 3 million MWh in the preceding 12 months, or can demonstrate to the Company’s
satisfaction that it will consume said amount in the next 12 months if historical data are
unavailable, 2) can demonstrate to Company’s satisfaction that such energy was routinely
consumed at a load factor of 98% or higher or that Customer will, in the ordinary course of
its operations, operate at a similar load factor, 3) arranges and pays for transmission
service necessary for the delivery of electricity over the transmission facilities of a third
party, 4) does not require use of Company’s distribution system, excepting Company’s metering
equipment, for service to Customer, and 5) meets all other required terms and conditions of
the rate.

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	7.	 	Character of Service Supplied. Company will supply a standard three-phase alternating
current transmission service voltage. The appropriate adjustments under Rider C will apply;
however, there will be no adjustments under Rider B.
	 
	8.	 	Demand Meters. Company will be responsible for the demand meters which have been installed
for the measurement of demands.
	 
	9.	 	Billing Demand. The billing demand in any month will be the highest demand established
during peak hours or 50% of the highest demand established during off-peak hours, whichever is
highest during the month, but in no event less than 5,000 kilowatts.
	 
	 	 	Peak hours and off-peak hours are defined as follows:
	 
	 	 	Peak hours: 10:00 A.M. to 10:00 P.M., Monday thru Friday.
	 
	 	 	Off-peak hours: All other hours including the entire 24 hours of the following days: New
Year’s Day, Independence Day, Thanksgiving Friday, Good Friday, Labor Day, Christmas Eve
Day, Memorial Day, Thanksgiving Day, Christmas Day.
	 
	 	 	All times stated above apply to the local effective time.
	 
	10.	 	Reactive Charge. The kVar charge specified in this rate shall be applicable to the kilovars
by which the Customer’s average metered kilovars exceed the Customer’s kilovars at an average
power factor of 90% lagging during the billing period. Such average kilovar billing units
shall be determined in accordance with the following formula:

          kVar = (kVarh/kWh – 0.4843)(kW)

where:

          kVar = kilovar billing units

          kVarh = metered kilovarhours

          kWh = metered kilowatthours

          kW = metered kilowatts

          0.4843 = kilovar requirement at 90% lagging power factor.

	 	 	Where in Company’s sole judgment application of the above formula would not be appropriate
to a Customer, an agreement between Company and Customer for the costs or charges associated
with reactive supply facilities may be substituted for said formula.

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	11.	 	Optional Time of Day (“TOD”) Service. Applicable at Customer’s option for all Large
Transmission Service usage, subject to the following provisions:

	 	a.	 	Customer will be transferred to this TOD rate option effective with TOD meter
installation and transferred from this TOD rate option to the applicable non-TOD rate
after the meter is removed.
	 
	 	b.	 	A Customer electing this TOD option shall remain on the option for a minimum
period of 12 months, provided however, that Customer may discontinue this option within
the first 90 days following election subject to the continued payment of the TOD
Customer Charge, in lieu of any other customer charge, for the full 12-month term of
this option.
	 
	 	c.	 	any Customer canceling this TOD option may not thereafter resume billing under
said option for a period of one year following the last billing period on the TOD
option.

	12.	 	General Rules and Regulations. In addition to the above specific rules and regulations, all
of Company’s General Rules and Regulations shall apply to the supply of service under this
rate.

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ELECTRIC SERVICE AGREEMENT

June 1, 2005

To: Union Electric Company d/b/a AmerenUE

     The undersigned (hereinafter called “Customer”) requests Union Electric Company d/b/a AmerenUE
(hereinafter called “Company”) to supply electric service to Customer under the following terms:

			
	First:	 	Company to supply and Customer to take and pay for all electric service required for the
operation of electric equipment installed or to be installed by Customer on property located
at St. Jude Industrial Park and used in the aluminum smelting business, under the terms and
conditions of Company’s Rules and Regulations and Company’s Service Classification No. 12(M)
Large Transmission Service Rate for Large Transmission Service.

Service hereunder to be delivered at:

	 	 	 	 	 	 	 	 	 	 	 
	Billing Periods	 	Nominal Voltage	 	Phase	 	kW Demand
	October thru May

	 	161,000 volts
	 	 	3	 	 	 	500,000	 
	 
	June thru September

	 	161,000 volts
	 	 	3	 	 	 	500,000	 

			
	Second:	 	Customer satisfies the terms and conditions of the Rate
Application paragraph for Service Classification No. 12(M).
Customer agrees to notify Company in writing of any contemplated
change in kW demand.

			
	Third:	 	This agreement shall become effective as of the date written above
and shall continue in force for an initial term of fifteen (15)
years, from and after the date Customer shall first receive
delivery hereunder which shall be on or before June 1, 2005, and
thereafter until terminated in the manner required or permitted by
Service Classification No. 12(M).

			
	Fourth:	 	This agreement is made subject to Service Classification No. 12(M)
and all other applicable rules, regulations and orders of the
Regulatory Authorities having jurisdiction, now or hereafter in
force. The terms of this agreement, including the rates herein
set forth, are subject to change to conform to any change made by
Company, with the approval of said Regulatory Authorities, in
Company’s rates, rules and regulations applicable to the class of
service rendered hereunder.

			
	Fifth:	 	This agreement shall be binding upon the parties hereto and their
successors and assigns. This agreement cannot be assigned by
Customer, by operation of law or otherwise, unless by written
consent, which consent shall not be unreasonably withheld.
Customer expressly agrees, however, that a potential assignee’s
failure to satisfy the credit requirements as set forth in Service
Classification No. 12(M) shall be reasonable grounds for
withholding consent to an assignment.

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Accepted:

	 	 	 	 	 	 	 	 	 	 	 
	UNION ELECTRIC COMPANY	 	 	 	NORANDA ALUMINUM, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ RC
	 	 	 	By:
	 	/s/ George E. Swogger
	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Title:

	 	Vice President – Energy Delivery
	 	 	 	Title:
	 	Manager – Energy Procurement	 	 

2

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