01 NOVEMBER 2013www.mining.com
Aluminum giant Alcoa to close its three smelters in Canada
Edited by : AL CIRCLE
1 min read
U.S. Aluminum giant Alcoa is threatening to close all three of its smelters in the province of Quebec, Canada, as electricity supply cost for the plants is expected to jump 60%, TVA network reported late Tuesday (in French).
According the news outlet, Alcoa issued a 12-month notice to Hydro-Québec, which puts and end to its electricity contract for Bécancour, Baie-Comeau and Déschambault.
The miner, which swung to a third-quarter profit earlier this month, has been receiving power there at a discount price. But as of January 1, 2015, the annual electricity bill will go up from 350 million to $570 million. Together the plants employ a total of 3,300 people.
The news comes on the heels of a report that says this year, for the first time in a decade, mining investment in Quebec is expected to decline.
According the news outlet, Alcoa issued a 12-month notice to Hydro-Québec, which puts and end to its electricity contract for Bécancour, Baie-Comeau and Déschambault.
The miner, which swung to a third-quarter profit earlier this month, has been receiving power there at a discount price. But as of January 1, 2015, the annual electricity bill will go up from 350 million to $570 million. Together the plants employ a total of 3,300 people.
The news comes on the heels of a report that says this year, for the first time in a decade, mining investment in Quebec is expected to decline.
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