Rio Tinto gets green light for $2.7bn investment

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Mining giant Rio Tinto has given the go-ahead to an additional $2.7bn capital investment to modernise its aluminium smelter in Kitimat, British Columbia.

The new investment will allow for completion of the $3.3bn project in 2014.

President of Primary Metal at Rio Tinto Alcan Jean Simon said: "For nearly 60 years, the smelter has been a major impetus for the economic development of northwest British Columbia [B.C]. This is one of the largest private investments in B.C.'s history, and it will ensure the sustainability of the aluminium business in Kitimat for decades to come."

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The Kitimat modernisation project will increase the smelter's current production capacity by more than 48% to around 420,000 tonnes per year.

First metal is expected to start production in the first half of 2014, with an expected ramp up of nine months.

NR