Rio Tinto in $1bn Alcan expansion

RIO TINTO plans to spend more than $1bn on two of its Canadian aluminum smelters, aiming to boost efficiency, cut costs and deliver on commitments made when it acquired Canada’s Alcan.

The Anglo-Australian mining giant, which bought giant Canadian aluminum maker Alcan in 2007, said yesterday it will spend about $760m to complete the first phase of its AP60 plant in Quebec. The new plant will house the most cost-effective, energy-efficient and environmentally friendly smelting technology commercially available, the company said.