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.
It also puts pressure on Prime Minister Jacinda Ardern, who launched her re-election bid just last week, promising more jobs and financial assistance to businesses.
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