Document:

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                                                                    Exhibit 10.1

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO CERTIAN PORTIONS OF
THIS EXHIBIT PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION UNDER RULE 24b-2 OF THE EXCHANGE ACT OF
1934 AS AMENDED.

                              DEPARTMENT OF ENERGY
                         Bonneville Power Administration
                                  P.O. Box 3621
                           Portland, Oregon 97208-3621
                                                             POWER BUSINESS LINE

June 22, 2001

In reply refer to:  PT-5

                                                     Amendment No. 1
                                                     Contract No. 00PB-12197
                                                     BLOCK POWER SALES AGREEMENT

Mr. Brett Wilcox
Golden Northwest Aluminum, Inc.
8000 NE Parkway Drive, Suite 300
Vancouver, WA 98662-6744

Dear Mr. Wilcox:

This letter agreement (Amendment No. 1) constitutes an amendment to Contract No.
00PB-12197 (Block Power Sales Agreement) between the Bonneville Power
Administration (BPA) and Golden Northwest Aluminum, Inc. (Golden Northwest). As
a result of a curtailment by Golden Northwest from October l, 2001, through
March 31, 2002, the Parties have agreed to amend the Block Power Sales Agreement
as follows:

1.     EFFECTIVE DATE. This Amendment No. 1 shall become effective on the date
       signed by the Parties.

2.     AMENDMENT OF BLOCK POWER SALES AGREEMENT.

       (a)    Section 4 is deleted and replaced by the following:

              "4.    INDUSTRIAL FIRM POWER PRODUCT
                     During the period that begins on October 1, 2001, and
                     continues through March 31, 2002, BPA has agreed to
                     purchase 236 MW on every hour from Golden Northwest for
                     power curtailed by Golden Northwest under Contract No.
                     01PB-42021 and, as a result of such curtailment, Golden
                     Northwest shall take delivery of zero (0) MW each hour
                     during such period. During the period that begins on April
                     1, 2002, and continues through September 30, 2006, Golden
                     Northwest shall purchase 236 MW each hour."

       (b)    A new section 20 is added as follows:

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              "20.   SPECIAL PROVISIONS

                     (a)    GOLDEN NORTHWEST CURTAILMENT
                            BPA shall pay Golden Northwest $*** per MWh for
                            curtailed power under Contract No. 01PB-42021.

                     (b)    EMPLOYEE COMPENSATION
                            During the curtailment, Golden Northwest will
                            continue to maintain full-time (40 hours per week
                            equivalent) and part-time wages and benefits for its
                            union and non-union employees, as applicable, that
                            would have been employed if Golden Northwest was
                            operating using the full amount of BPA power that
                            would have been available under this Agreement.
                            PROVIDED, however, that Golden Northwest may
                            distribute an equivalent amount of benefits to
                            employees in an alternative manner, if agreed to by
                            its unions.

                     (c)    TAX REVENUES
                            Golden Northwest's facilities provide a substantial
                            portion of the tax revenues for the communities in
                            which they operate. The Parties intend that the
                            six-month curtailment under this Amendment No. 1
                            shall not affect the assessed value of the
                            facilities, and Golden Northwest agrees to notify
                            the tax assessors of this intention.

                     (d)    PRICING STRUCTURE FOR ANY FUTURE CURTAILMENTS
                            Under this Amendment No. 1, Golden Northwest has
                            chosen to limit its curtailment to 6 months, even
                            though BPA had offered a term of up to two years.
                            The amount BPA is paying for this shorter
                            curtailment reflects the fact that the curtailment
                            has higher value to BPA during the October 1, 2001,
                            through March 31, 2002, period. Should BPA and
                            Golden Northwest agree in the future to extend this
                            curtailment, the prices BPA would pay for the
                            extended curtailment would reflect tho lower
                            curtailment value of future periods such that
                            payments would be comparable to what BPA has paid
                            other direct service industries for a similar
                            duration.

                     (e)    POST 2006 SERVICE
                            Golden Northwest hereby reaffirms that it will not
                            argue in any legal or political forum that it has a
                            statutory right to, or should be allocated under
                            current statutes, any direct service of Federal
                            power after September 30, 2006.

*** Omitted and filed separately with the Commission

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                     (f)    INABILITY TO PURCHASE STATION SERVICE POWER AT
                            LOWEST PF RATE
                            If, during the curtailment period under this
                            Amendment No. l, Golden Northwest is unable to
                            purchase station service power from Klickitat and
                            Northern Wasco PUDs at the lowest PF Rate, then,
                            upon Golden Northwest's request, the Parties shall
                            execute amendments effective October 1, 2001, to:
                            (1) increase the amount of power purchased from
                            October 1, 2001 through March 31, 2002, under this
                            Agreement by up to 35 MW on every hour; and (2)
                            reduce the amount curtailed under Contract No.
                            01PB-42021 by the amount and duration of such
                            increase in (1) above. Any such request shall be
                            made in writing to BPA no later than 10 business
                            days following publication of BPA's final Record of
                            Decision on its New Large Single Load policy.

                     (g)    RESOURCE DEVELOPMENT SUPPORT
                            BPA's resource development support for Golden
                            Northwest and its affiliates will be limited to
                            providing the means to facilitate new wind
                            resources. Such support will be negotiated between
                            the parties to be consistent with detailed
                            principles established by BPA, limited to 200 MW of
                            wind for a 10-year term, and conditioned on any
                            resource being fully permitted and priced comparably
                            with BPA's spring 2001 wind RFP project results.

If this Amendment No. 1 is acceptable to Golden Northwest, please so indicate by
signing both originals and return one original to me. The remaining original is
for your files.

Sincerely,                              ACCEPTED:

                                        GOLDEN NORTHWEST ALUMINUM, INC.
/s/ SCOTT K. WILSON
Scott K. Wilson                         By: /s/ BRETT WILCOX
Account Executive                          -------------------------------------

                                        Name: Brett Wilcox
                                             -----------------------------------
                                             (Print/Type)

                                        Title: President
                                              ----------------------------------

                                        Date:  June 22, 2001
                                             -----------------------------------<PAGE>   1
                                                                    Exhibit 10.2

                              DEPARTMENT OF ENERGY
[SEAL]                   Bonneville Power Administration
                                  P.O. Box 3621
                           Portland, Oregon 97208-3621
                                                             POWER BUSINESS LINE

June 28, 2001

In reply refer to:  PTS

                                                         Amendment No. 1
                                                         Contract No. 01PB-10758
                                                         REMARKETING ADDENDUM
                                                         TO THE 1996 AGREEMENTS

Mr. Brett Wilcox
Golden Northwest Aluminum, Inc.
Goldendale Aluminum Company
Northwest Aluminum Company

Dear Mr. Wilcox:

This letter agreement (Amendment No. 1) constitutes an amendment to Contract No.
01PB-10758 (Addendum) among the Bonneville Power Administration (BPA), Golden
Northwest Aluminum, Inc. (Golden Northwest), Goldendale Aluminum Company (GAC),
and Northwest Aluminum Company (NAC). Capitalized terms not defined in this
Amendment No. 1 shall be as defined in the Addendum. GAC and NAC are
collectively referred to as the "Companies."

The Companies have agreed to contract for the purchase of power from Northwest
Energy Development, LLC (Northwest Energy), which has agreed to develop certain
conventional and renewable resources to provide power (the "Power Projects"), as
provided in the Plan and Agreement for Construction of Resources to Provide
Power for Future Operations of Goldendale Aluminum Company and Northwest
Aluminum Company (the "MOU").

Accordingly, BPA, Golden Northwest, GAC, and NAC agree:

       1.     EFFECTIVE DATE AND TERM. This Amendment No. 1 takes effect on the
              date signed by the Parties, and shall continue in effect until
              October 1, 2006.

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       2.     AMENDMENT OF ADDENDUM. The Addendum is amended as follows:

              A new section 6(f) is added as follows:

              "(f)   Escrow

                     (1)    A portion of the Excess Federal Power revenues under
                            Contract No. 01PB-23298, as amended, shall be
                            delivered by the purchaser of such Excess Federal
                            Power (the aggregate amount so delivered, the
                            "Deposited Amount") to a financial institution (the
                            "Escrow Agent") to be held in an escrow account (the
                            "Escrow") until October 1, 2006 (the "Termination
                            Date") on terms and subject to conditions set forth
                            in an escrow agreement, Contract No. 01PB-11015 (the
                            "Escrow Agreement"), approved by the Parties.

                     (2)    BPA's obligation pursuant to sections 6(c) and 6(d)
                            of the Addendum to pay Net Proceeds to the Companies
                            or their respective designees shall, with respect to
                            the Deposited Amount, be suspended until the
                            Termination Date.

                     (3)    The Escrow will be invested by the Escrow Agent in
                            certain investments described in the Escrow
                            Agreement (the "Permitted Investments"), including
                            notes issued by Northwest Energy (the "Notes"). No
                            investment in any Note will be made unless the
                            Escrow Agent shall have received BPA's written
                            authorization. BPA shall authorize the investment in
                            any Note upon receipt by BPA from Northwest Energy
                            of documentation reasonably acceptable to BPA that
                            evidences the proposed application of the proceeds
                            of such Note for expenditures or costs of Power
                            Projects. As provided in the Escrow Agreement, all
                            Permitted Investments will be liquidated by the
                            Escrow Agent on or immediately prior to the
                            Termination Date.

                     (4)    Upon disbursement to BPA of all funds then held in
                            the Escrow Account, an amount equal to the sum of
                            the Deposited Amount, (net of any costs and fees
                            that, on the Termination Date, are deducted by the
                            Escrow Agent pursuant to the Escrow Agreement from
                            funds other than investment earnings on the
                            Deposited Amount), plus BPA's avoided interest cost
                            on the Deposited Amount (reduced by the face amount
                            of any unpaid Notes, plus accrued and unpaid
                            interest thereon) will thereafter be held by BPA for
                            application pursuant to sections 6(c) and 6(d) of
                            this Addendum.

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                     (5)    The liquidation by the Escrow Agent of any unpaid
                            Notes, as provided in the Escrow Agreement, shall be
                            deemed to be a payment to the Companies of Net
                            Proceeds under sections 6(c) and 6(d) of this
                            Addendum and, as a result, the amount of Net
                            Proceeds available for payment pursuant to such
                            sections 6(c) and 6(d) shall be irrevocably reduced
                            dollar for dollar by such amount."

If the foregoing terms are acceptable, please sign both originals and return one
original of this Amendment to me. The remaining original is for your files.

                                        Sincerely,

                                        Account Executive

                                        Name          Scott K. Wilson
                                            ------------------------------------
                                        (Print/Type)

ACCEPTED:

NORTHWEST ALUMINUM COMPANY              GOLDEN ALUMINUM COMPANY

By    /s/ BRETT WILCOX                  By     /s/ BRETT WILCOX
     ------------------------------           ----------------------------------

Name  Brett Wilcox                      Name   Brett Wilcox
     ------------------------------           ----------------------------------
(Print/Type)                            (Print/Type)

Title President                         Title  President
     ------------------------------           ----------------------------------

Date  June 28, 2001                     Date   June 28, 2001
     ------------------------------           ----------------------------------

GOLDENDALE NORTHWEST ALUMINUM, INC.

By    /s/ BRETT WILCOX
     ------------------------------

Name  Brett Wilcox
     ------------------------------
(Print/Type)

Title President
     ------------------------------

Date  June 28, 2001
     ------------------------------

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