Meridian won't ‘take one for the team’ in smelter contract rewrite Binns

Sun, 12 Aug 2012

By Pattrick Smellie Aug 13 (BusinessDesk) - State-owned Meridian Energy won’t "take one for the team" and accept uncommercial terms for electricity to keep the Rio Tinto-controlled Tiwai Point aluminium smelter open, says chief executive Mark Binns. He described as "a concern" the London-listed multinational metals firm's desire to renegotiate electricity contracts representing about one-seventh of all the electricity consumed in the country. But he dismissed "indications in the press that Meridian will 'take one for the team." "I would re...

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