A West Limerick factory has guaranteed a multimillion-euro package in the event of its closure.
Hundreds of jobs are at risk in Aughinish Alumina in Askeaton, following US-imposed sanctions being placed on its Russian billionaire owner Oleg Deripaska.
Russian-owned Aughinish is the largest alumina refinery in Europe, providing up to 30% of Europe’s total supplies.
In the event of closure, the company will guarantee a €28 million-euro package to the Environmental Protection Agency for decommissioning and aftercare of the site, according to the Irish Independent.
The EPA says that, in the event of the factory closing down, guaranteed funding will allow the state to undertake the closure in an orderly manner.
Many of the plant’s 450 employees commute from parts of North Kerry and West Limerick.
Meanwhile, the US Treasury granted a three-week extension to Rusal, the owner of Aughinish Alumina, to divest its interest in the company and reduce potential US sanctions.