Rio Tinto streamlines aluminium product group

first_imgRio Tinto is streamlining its aluminium product group following a strategic review. Thirteen assets will be divested at an appropriate point in the future, and some of these will be managed separately in the meantime. The move will allow Rio Tinto Alcan to concentrate on its strategy to grow the value of its high quality, tier one assets and improve the product group’s financial performance. Rio Tinto’s interests in six Australian and New Zealand assets will transfer into a new business unit, to be called Pacific Aluminium, and be managed and reported separately from the Rio Tinto Alcan product group prior to divestment. These are:Australia: Gove bauxite mine and alumina refinery, Boyne Smelters and the associated Gladstone Power Station, the Tomago smelter and the Bell Bay smelterNew Zealand: New Zealand Aluminium Smelters.A second group of seven non-core assets will continue to be managed by Rio Tinto Alcan while it further investigates divestment options. These assets include:France and Germany:Three Specialty Alumina plants and the Gardanne refineryUSA: Sebree smelter UK: Lynemouth smelter and associated power station, for which potential options include closure.Rio Tinto chief executive Tom Albanese said “The assets identified for divestment are sound businesses that are well-managed with productive workforces. But they are no longer aligned with our strategy and we believe they have a bright future under new ownership. The strength of our balance sheet means that we can choose the most opportune method and timing to divest these assets, which may not occur until the economic climate improves. In the meantime, we will continue to run these operations safely and efficiently.“This move is a further significant step towards achieving our performance targets in the Aluminium product group. We have already made good progress, with plans in place to generate sustainable performance improvement, and we are investing at a number of our core assets.”Rio Tinto Alcan chief executive Jacynthe Cote said “We are already well on our way to building a truly outstanding aluminium business. Streamlining the product group allows Rio Tinto Alcan to concentrate its efforts even more on driving performance improvements and investing in growth to increase shareholder value.”Rio Tinto has begun consultations with affected stakeholders and will engage with the relevant governments and regulators. The relevant Rio Tinto business units will engage with their workforces during the process.The CEO of Pacific Aluminium will be Sandeep Biswas. He will report to Rio Tinto Business Support & Operations Group Executive Bret Clayton.last_img read more

Catchup Wednesday 3 midweek longreads

first_img“My Lady, he’s not fine but he’s not going to be fine,” Pistorius’s defense lawyer, Barry Roux, told Judge Thokozile Masipa, as his client became sick. “He’s having some difficulty. He’s very emotional but it’s not going to change.” Want some more longreads? Then check out Sitdown Sunday> 2. James Bond and WWIBenjamin Welton looks at how the first World War profoundly changed literature, leading to the emergence of the classic British spy novel, an enduring genre.(The Atlantic, approx 8 minutes reading time, 1789 words)During the first two decades of the 20th century, a feeling of dread was pervasive in British culture: The British army’s initially shoddy performance during the Second Boer War (which lasted from 1899 to 1902) invited a whole host of theories as to why the British fighting man had so much difficulty in subduing South African irregular troops. 3. Love and controlShakira recently revealed that her boyfriend has banned her from appearing in music videos with male co-stars. Lisa McInerney looks at what sort of message this sends out.(, approx 4 minutes reading time, 991 words)The possessive partner is one of those tropes that’s used for romantic effect in bodice-rippers and problematic codswallop written by Stephenie Meyer and E.L. James, but it’s not an archetype to aspire to in reality. Search for “possessive partner” on Google and you don’t get directions for BDSM play and Interflora numbers; you get article after article on how to deal with a domineering loved one. IT’S MIDWAY THROUGH the week and you want to get up to speed on the latest news topics and catch up on opinions and insights.We’re here to help you do just that, with our three midweek longreads:1. Oscar Pistorius on trialAmy Davidson looks at how Oscar Pistorius’s murder trial has gone so far – the tears, the vomiting, the gun stories, the drama, the tragic details of Reeva Steenkamp’s untimely death.(New Yorker, approx 6 minutes reading time, 1238 words)last_img read more