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Rio Tinto Tasmania Smelter Inks Power Deal, To Cut Jobs

Date : 06/27/2012 @ 11:01PM
Source : Dow Jones News
Stock : Rio Tinto Fpo (RIO)
Quote : 62.7  -0.04 (-0.06%) @ 4:50AM
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Rio Tinto Tasmania Smelter Inks Power Deal, To Cut Jobs

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   By Robb M. Stewart 
 

MELBOURNE--Rio Tinto PLC's (RIO) Bell Bay aluminum smelter on the island of Tasmania has signed a new power supply deal with Hydro Tasmania and plans to cut jobs and introduce business improvements to deliver millions of dollars in cost savings, the company said Thursday.

Bell Bay Aluminium in an emailed statement said the new power supply agreement begins July 1 and provides improved flexibility for the smelter until 2025.

The company said it also will reduce its organization to about 500 employees, cutting roughly 30 leadership and support roles.

Write to Robb M. Stewart at robb.stewart@wsj.com



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