July 14 (LTIT) –Mining giant Rio Tinto announced its decision to close its aluminum operations in New Zealand. It cited high energy costs and bleak short-to-medium-term sector outlook as the reasons for the closure. The decision is likely to affect more than 1,000 jobs.

The company has decided to wind down operations at New Zealand Aluminium Smelters (NZAS) aluminum smelter at Tiwai Point, South Island by August next year. This follows completion of a strategic review that commenced last year, following the company reporting $A43m loss last year.