Remember how Rio Tinto rorted $30 million from the Government, claiming it would be unprofitable without it, and may close their smelter?
Well stuff reports:
The operator of Southland’s Tiwai Point aluminium smelter has posted a $74 million profit despite a volatile aluminium market and high domestic power prices.
Located on Southland’s Tiwai Peninsula, New Zealand’s Aluminium Smelter (NZAS) is one of two smelters in the world producing ultrahigh purity aluminium. The profit follows a deal for cheaper power and a $30m Government hand-out in 2013.
Rio Tinto Alcan operating as Pacific Aluminium owns 79 per cent of NZAS. Its $74m profit for the year ended December 31 was a 10 per cent increase on the previous years’ $67m profit.
The result is a vast turnaround from a $548m loss in 2012, which was hit by massive asset writedowns.
The Government got played, and we paid the bill.