No purchase price was disclosed, but the mining multinational was given confidence in the long term viability of Tiwai Pt after its 20-year deal with NZ's energy generator trifecta.
What’s at stake: Energy and job security, for one of Southland's biggest export generator, as the deal confirms Rio Tinto's intention to retain the Tiwai Pt smelter for the long term.
Background: The future of the smelter has been in doubt since owner Rio Tinto signalled its intention to close the operation. That would have come with the loss of 870 direct jobs and be a hit to a further 2000 contractors. The new energy pricing deal will take effect from July 1, after regulatory approval.
Main players:Rio Tinto, NZAS, Mercury, Meridian Energy, Contact Energy, Electricity Authority, Craigs Investment Partners, Jarden.
Rio Tinto has bought out Sumitomo Chemical’s 20.64% interest in New Zealand Aluminium Smelters (NZAS) and is now the sole shareholder in the Southland aluminium exporter.
In a statement, the British-Australian mining conglomerate said the group had been “given confidence” in the future of the
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What’s at stake: Energy and job security, for one of Southland's biggest export generator, as the deal confirms Rio Tinto's intention to retain the Tiwai Pt smelter for the long term.
Background: The future of the smelter has been in doubt since owner Rio Tinto signalled its intention to close the operation. That would have come with the loss of 870 direct jobs and be a hit to a further 2000 contractors. The new energy pricing deal will take effect from July 1, after regulatory approval.
Main players:Rio Tinto, NZAS, Mercury, Meridian Energy, Contact Energy, Electricity Authority, Craigs Investment Partners, Jarden.
