Rio Tinto gets green light for $2.7bn investment
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.
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."
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Is now a good time to invest in Japan?
Japan is set to appoint its first ever female prime minister this week. Is now a good time to invest in Japanese stocks and investment trusts?
-
DIY pension investors take tax-free cash amid switch to ISAs
Self-invested personal pension (SIPP) investors are rushing to withdraw their tax-free cash and turning to ISAs amid fears of a pension tax raid in the Autumn Budget