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ghost958on May 27, 2013 8:18pm
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RE: Rio Tinto’s Quebec titanium cut 400 jobs!
RE: Rio Tinto’s Quebec titanium cut 400 jobs! MONTREAL — Rio Tinto’s iron and titanium subsidiary has abandoned plans to build a $4-billion plant in Becancour, Que., that would have created up to 400 jobs.
The decision comes amid a collapse of titanium prices ( The price is still above $ 3600 /ton ) and follows the replacement of the global mining giant’s chief executive.
Rio Tinto Iron & Titanium said the move stems from its decision to suspend pre-feasibility studies under way in Canada and Madagascar.
Managing director Jean-Francois Turgeon said the company needs to reduce costs among weaker market conditions, despite the progress made on its TO4 project designed to expand mining and smelting capacity in Canada, Madagascar, South Africa and Mozambique.