Beiarelva SA has today decided to stop the work with the salmon ladders with immediate effect. Some key factors have influenced to this:

Reason A: The Geopolitical situations has contributed to raw material costs for primary steel and concrete increasing by as much as 35% since the budgeting.

Reason B: After the National Tax Agency’s rejection (10.04) of the application for a full VAT refund, which amounts to close to 11 MNOK, the finances are almost used when all outstanding claims are settled.

Contractor FauskeBygg AS is being informed in writing today and is aware of the situation in the previous meeting.

Last week, Beiarelva SA/the project board and FauskeBygg AS agreed on the following:
· On 24 April, the project is frozen and resumed/ completed when the project achieves full funding.
· FauskeBygg completes 2 +2 walls (N. Førrholmen/ Høgforsen), with deferred payment until funds from Beiarelva SA are available.
· The VAT case has not been finally decided, and Beiarelva SA will appeal against the Tax Agency’s refusal. There is still hope for a refund

Reason C: Beiarn Municipality has previously communicated that they will consider allowing advance payment in the event of capital requirements. After the need for capital became known, a meeting was urgently called with the project group and Beiarn Municipality’s central management.

At the Municipal Council meeting on 24.04, the following was agreed: “A legal check (“extended legality check”) on the legality of advance payment has been clarified. The municipal board does NOT find an opportunity for financial advances to the salmon ladders in Beiarn. A united Municipal Council stands behind the desire to realize the project and will assist as far as possible.

At the time of writing, work is being done on updating budgets, based on worst-case and best-case scenarios.
· Beiarelva SA will hold a direct dialogue with contributors and supporters in the coming days.
· Applications for relief start immediately

The board of Beiarelva SA