Rio Tinto PLC Future of New Zealand Aluminium Smelter (7793Q)
23 October 2019 - 5:00PM
UK Regulatory
TIDMRIO
RNS Number : 7793Q
Rio Tinto PLC
22 October 2019
Rio Tinto to review future of New Zealand's Aluminium
Smelter
23 October 2019
Rio Tinto will conduct a strategic review of its interest in New
Zealand's Aluminium Smelter (NZAS) at Tiwai Point, to determine the
operation's ongoing viability and competitive position.
Under current market conditions and with high energy costs, we
expect the short to medium outlook for the aluminium industry to be
challenging and this asset to continue to be unprofitable. Rio
Tinto intends to hold discussions with the Government of New
Zealand and energy providers to explore options and identify
economically viable solutions to find a pathway to profitability
for the asset.
Rio Tinto Aluminium chief executive Alf Barrios said "The
aluminium industry is currently facing significant headwinds with
historically low prices due to an over-supplied market. This means
that many aluminium providers are reviewing their positions.
"Rio Tinto will work with all stakeholders including the
government, suppliers, communities and employees in order to find a
solution that will ensure a profitable future for this plant."
The strategic review will consider all options, including
curtailment and closure and will be complete in the first quarter
in 2020.
NZAS is a joint venture between Rio Tinto (79.36%) and Sumitomo
Chemical Company Limited (20.64%) and employs around 1000
people.
Contacts
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Rio Tinto plc Rio Tinto Limited
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London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +44 20 7781 2000 T +61 3 9283 3333
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