July 9 (Reuters) - Global miner Rio Tinto (RIO) said on Thursday it will wind down operations and eventually close its New Zealand Aluminium Smelters (NZAS) venture citing non-viability of the business due to high costs and challenging outlook for the aluminium industry.
As a result, NZAS has given New Zealand power producer Meridian Energy (MEL) notice to terminate an existing power contract, which will end in August 2021, when the wind-down of operations is expected to complete, the miner said in a statement.
NZAS is New Zealand's largest single power user, and is a joint venture between Rio holding a 79.4% stake and Sumitomo Chemical Co Ltd 4005.T holding 20.6%. It employs around 1000 people directly.
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Last
$115.44 |
Change
1.200(1.05%) |
Mkt cap ! $42.85B | |||
| Open | High | Low | Value | Volume |
| $114.00 | $116.08 | $113.56 | $130.6M | 1.134M |
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| No. | Vol. | Price($) |
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| 2 | 2068 | $115.44 |
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| Price($) | Vol. | No. |
|---|---|---|
| $115.61 | 7000 | 1 |
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| RIO (ASX) Chart |