Jan 17 2008
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Rio Tinto-Alcan South Africa Plans Facing Major Setback?
Very positive sounding news from South Africa. Rio Tinto-Alcan’s plans to construct a smelter 20km away from Port Elizabeth seem to be cracking as the countries largest energy provider, Eskom, announce the need to review their ability to supply Rio Tinto-Alcan with energy. It seems that delaying the project of purposely building Rio Tinto-Alcan a new power station until 2013 and paying them the subsequent breach of contract fines would be cheaper than going ahead with the project now. This following Rio Tinto-Alcan’s investment to date of over $200million in the ‘Coega’ project and their CEO Tom Albanese having stated only two months ago: “To describe the project as having tremendous momentum would be an understatement.” Read More