Rio Tinto Group, the world’s third- biggest mining company, said it will invest a further $2.7 billion to upgrade its Kitimat aluminum smelter in British Columbia.
The $3.3 billion modernization project will increase capacity at Kitimat by more than 48 percent to about 420,000 metric tons a year, the London-based company said today in a statement.
“The modernization of Kitimat will transform its performance, moving it from the third quartile to the first decile of the industry cost curve,” Jacynthe Cote, chief executive officer of the company’s Rio Tinto Alcan unit, said in the statement.
Rio Tinto acquired the Kitimat assets as part of its $38 billion takeover of Canada’s Alcan Inc. in 2007.
The company on Oct. 17 announced plans to sell 13 aluminum assets, including smelters and alumina plants in Australia, New Zealand, France, Germany, the U.S. and U.K., to improve its financial performance.
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