The agreement took place in between the government and the mining multinational ALCOA. The agreement promulgated the development of the bauxite industry and construction of a hydropower lake In the district of Brokopondo. The State and the EBS (Suriname’s national power company NV Energiebedrijven Suriname) agreed that the State, by virtue of the Brokopondo agreement, will annually supply the company with maximally 80 GWh of electrical energy with a maximum capacity of 16 MW (via the Afobaka hydroelectric dam) and such for the duration of the electricity concession granted.
On 31st of July 2018, a new agreement was reached, providing for the early termination of the 1958 Brokopondo Agreement between Alcoa and the Surinamese government, which was set to run until 2023. Ownership of the Afobaka Dam will be transferred to the government at the end of 2019. Until then, Alcoa, through its local subsidiary, Suralco, will be responsible for maintaining the plant, and will continue to sell power generated to the state-owned electricity company, EnergieBedrijven Suriname (EBS).