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."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Ofgem proposes new energy tariffs with low or no standing changesStanding charges have invited public backlash as households battle high energy bills
-
Google shares bounce on Gemini 2.0 launchGoogle has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
