Rio Tinto (NYSE:RIO)
Historical Stock Chart
5 Years : From Aug 2012 to Aug 2017
Rio Tinto PLC (RIO) is considering suspending operations at a loss-making alumina refinery in the Australia's Northern Territory after talks with the territory government over power supplies to the plant broke down last month, the Australian Financial Review reported Monday.
Rio is expected to announce a decision on the future of the Gove refinery by the end of this month having begun a review of its operations in October, the AFR reported, without saying where it got the information.
The mining group is considering boosting its bauxite exports from the plant, in the Arnhem Land region of the Northern Territory, until economic conditions improve, the AFR cited a company spokesman as saying. Rio Tinto's chief executive has previously described Gove as the least profitable of its global alumina assets.
The Northern Territory government has been seeking to negotiate an agreement with Rio to divert extra gas to Gove. However, the delay in brokering a deal means the company may be forced to decide the fate of the plant before knowing if it will gain access to a cheaper power source, according to the paper.
Newspaper website: http://www.afr.com
Write to firstname.lastname@example.org
Subscribe to WSJ: http://online.wsj.com?mod=djnwires