Aluminium spike generates Tiwai Point sales of $1.18b

Stacked aluminium ingots. (Image: BusinessDesk)

Thu, 01 Jun 2023

Spiking global aluminium prices in the early part of last year saw Pacific Aluminium New Zealand (PANZ) report a net profit after tax of $122.3 million for the year to December 2022, down 12.7% on the prior year.That saw total revenues up 17.6% at $1.18 billion, from $1b for the prior year.The Rio Tinto subsidiary initially benefited from a surging aluminium commodity price in the wake of Russia's invasion of Ukraine, although prices subsided during the second part of the year.Overall, London Metal Exchange (LME) prices averaged US$2,703 (N...

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