Mining giant Rio Tinto will close its aluminum smelter in southern New Zealand, resulting in 1,000 job losses and dealing a major economic blow to the region, nickgbperry writes.
An aerial photo shows Tiwai Point aluminum smelter near Invercargill, New Zealand, March 30, 2013. Mining giant Rio Tinto said Thursday, July 9, 2020, it will close its aluminum smelter in southern New Zealand, resulting in 1,000 job losses and dealing a major economic blow to the region
Rio Tinto said it will wind down operations over the coming months and close the plant next August. It said the plant lost $30 million last year and is no longer economically viable due to high energy costs and a challenging outlook for aluminum.Alf Barrios, the company’s aluminum chief executive, said it made the decision after failing to get a power price reduction that could have helped make the smelter viable.
“Given the challenging economic situation caused by COVID-19 it is disappointing Rio Tinto has chosen to close the smelter at this time, especially given the support New Zealand has shown the company and how profitable they are globally,” Robertson said in a release.
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