Rio Tinto Alcan Expands Landmark Alumina Deal
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Press release date: October 31, 2007
MONTREAL, Oct. 31 - Rio Tinto Alcan today announced it has reached an agreement with Norsk Hydro ASA to expand its alumina supply to Hydro Aluminium from 500,000 tonnes of alumina per year to 900,000 tonnes from 2011 to the end of the contract.
Steve Hodgson, president and chief executive officer, Bauxite and Alumina, Rio Tinto Alcan, said, "The expansion of our supply contract with Norsk Hydro underpins our decision to invest in an expansion of the Yarwun alumina refinery. It is consistent with our strategy to maximise the value of Rio Tinto Alcan's world class bauxite deposits at Weipa in north Queensland, Australia."
Under a 20-year contract signed in 2003 with Norsk Hydro, Rio Tinto Alcan is committed to supplying Hydro Aluminium with 500,000 tonnes of alumina per year from 2006 until 2030. This contract also gave Norsk Hydro an option to increase its purchases of alumina.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
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