New smelter power deal allows for faster closure

Thu, 08 Aug 2013

By Pattrick Smellie Aug 8 (BusinessDesk) - The Tiwai Point aluminium smelter's major owner, Rio Tinto, has won the ability to close the plant more quickly than in the contracts it has managed to overturn in favour of a new deal announced today. The previous contracts provided for a three year production "ramp-down" if a decision was made to close the 40-plus year old smelter, but the new contract allows for a complete shutdown as early as January 2017, or on 12 months' notice after that. Meridian chief executive Mark Binns acknowledged the c...

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