South Port profit faces 22% hit when smelter closes

Thu, 09 Jul 2020

South Port New Zealand will look to aquaculture to fill a $2 million hole in its annual earnings that will be left when the Tiwai Point aluminum smelter closes next year. The smelter makes up 33 percent of the Bluff port's cargo volume. However, the port doesn’t earn wharfage revenue for the raw material delivered to the smelter, which instead pays a licence fee for the wharf structure. South Port estimates the smelter contributes about $2 million, or roughly 22 percent, of net profit after tax. That excludes the fixed term licence fee w...

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