Rio Tinto reports $46.2m loss at Tiwai Point

Mon, 24 Feb 2020

Rio Tinto reported a $46.2 million underlying loss from its New Zealand aluminium smelting interests in 2019 - despite near-record production.The company owns 79.4 percent of the Tiwai Point aluminium smelter, which produced 353,293 tonnes of saleable metal last year, the most since 2011.But lower aluminium prices and higher energy, labour and raw material costs saw underlying earnings at Rio’s Pacific Aluminium NZ business drop $67.8 million from the year before.The London-headquartered mining giant and partner Sumitomo Chemical are reviewing...

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