Rio Tinto to close NZ aluminium smelter

Troubled smelter: An aerial photo of Tiwai Point aluminum smelter near Invercargill, New Zealand. Rio Tinto says it will close its aluminum smelter in southern New Zealand, resulting in 1,000 job losses and dealing a major economic blow to the region. — AP

BENGALURU: Rio Tinto said it will close its aluminium smelter operation in New Zealand due to high costs and a challenging market, putting over a thousand jobs on the line and dealing a blow to the country’s top power producers.

The closure of the New Zealand Aluminium Smelters venture, which is the country’s single largest power user, comes amid forecasts of massive job losses and a looming recession in New Zealand, with the economy crippled by tough restrictions to beat the spread of the coronavirus.