Search
AMM.com Copying and distributing are prohibited without permission of the publisher
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5

  • By submitting this article to a friend we reserve the right to contact them regarding AMM subscriptions. Please ensure you have their consent before giving us their details.


Rio writes off more than $400M on New Zealand smelter

Keywords: Tags  Rio Tinto, Tiwai Point, New Zealand Aluminium Smelters, aluminum, Sumitomo Chemical Co.


LONDON — Rio Tinto Plc has written off nearly half a billion dollars from the value of its Tiwai Point aluminum smelter in New Zealand, according to its 2012 financial results filing to the New Zealand Companies Office.

"The net result of consolidated operations after income tax was a loss of NZ$548 million ($438.41 million) and includes an after-tax impairment in respect of New Zealand Aluminium Smelters Ltd. (NZAS) of NZ$528 million ($422.41 million)," the filing said.

Excluding the impairment, NZAS posted a pre-tax loss of NZ$32.1 million ($25.67 million), in contrast to earnings of NZ$254.3 million in 2011, on a combination of low metal prices and unfavorable exchange rates, the company said.

London-based Rio Tinto owns 79.36 percent of NZAS, which operates New Zealand’s only aluminum smelter. The remaining share is owned by Tokyo’s Sumitomo Chemical Co.

A version of this article was first published by AMM sister publication Metal Bulletin.


Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.



Latest Pricing Trends