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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
  Report
Delayed London Stock Exchange  -  11:35 2022-10-04 am EDT
5089.00 GBX   +3.02%
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Rio Tinto's New Zealand Aluminum Smelter Looks to Operate Beyond Planned 2024 Closure

07/27/2022 | 05:54pm EDT

By Stephen Wright


A Rio Tinto aluminum smelter that's the largest consumer of electricity in New Zealand said it is exploring options for operating beyond a planned 2024 closure.

The smelter, which makes aluminum used in mobile phones and airplanes, on Thursday said it is "exploring potential pathways with electricity generators for a future beyond 2024."

Meridian Energy Ltd., which powers the smelter from the Manapouri hydro dam, said it expects talks with the smelter will include contract negotiations. The smelter, located at the bottom of New Zealand's South Island, uses about 13% of the country's electricity supply and accounts for about half a percent of world aluminum production.

Global mining company Rio Tinto had planned to close New Zealand Aluminum Smelter in August 2021, but secured cheaper power prices, which extended its operation to 2024.

The smelter's financial viability has improved following a recent surge in world aluminum prices. Its use of hydro electricity also creates the potential to market its output as less damaging to the environment than other smelters.

Rio has about a 79% stake in the smelter and Japan's Sumitomo Chemical Co. owns 21%.


Write to Stephen Wright at stephen.wright@wsj.com


(END) Dow Jones Newswires

07-27-22 1753ET

Stocks mentioned in the article
ChangeLast1st jan.
CONTACT ENERGY LIMITED 1.38% 7.37 End-of-day quote.-9.01%
MERIDIAN ENERGY LIMITED -1.05% 4.73 End-of-day quote.-2.47%
RIO TINTO PLC 3.02% 5089 Delayed Quote.0.98%
S&P GSCI ALUMINUM INDEX 5.86% 148.811 Real-time Quote.-21.18%
SILVER 1.09% 20.99 Delayed Quote.-18.00%
SUMITOMO CHEMICAL CO LTD 2.79% 515 Delayed Quote.-7.56%
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Analyst Recommendations on RIO TINTO PLC
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Financials (USD)
Sales 2022 55 542 M - -
Net income 2022 15 223 M - -
Net Debt 2022 480 M - -
P/E ratio 2022 5,91x
Yield 2022 10,2%
Capitalization 94 691 M 95 803 M -
EV / Sales 2022 1,71x
EV / Sales 2023 1,88x
Nbr of Employees 49 000
Free-Float 65,5%
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Technical analysis trends RIO TINTO PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 55,85 $
Average target price 63,98 $
Spread / Average Target 14,6%
EPS Revisions
Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Dominic S. Barton Chairman
Mark Davies Chief Technical Officer
Arnaud Soirat Chief Operating Officer
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