Iceland said on Tuesday it would hold talks with Magma Energy Corp (MXY.TO) on increasing the state's interest in a local geothermal energy company, either by shortening Magma's lease on using the energy source or buying back shares. Over 2009 and 2010 Magma gradually bought control of HS Orka, the largest privately owned energy firm on the volcanic island. But the government has responded to pressure by campaigners, including singer Bjork, who have criticised the government for selling vital natural resources. The government said in a statement it had decided to hold talks with Magma about shortening the 65-year lease which Magma has on the right to exploit the geothermal energy.
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