Rio Tinto slashes Tiwai Point smelter value to near zero

Thu, 13 Jun 2013

By Pattrick Smellie June 13 (BusinessDesk) – The Australian majority owners of the Tiwai Point aluminium smelter, Rio Tinto, have written more than half a billion dollars off the value of the ageing plant, leaving it with a value on its books of just $14.8 million, from $606.9 million previously. The decision was made in February but has been only disclosed today with the lodging of financial accounts with the New Zealand Companies Office for Rio Tinto Alcan NZ, the subsidiary that owns 79 percent of the smelter, which has operated near Bluf...

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