Rio Tinto, CMS Scrap $2.3B Malaysian Smelter Project

Law360, New York (March 27, 2012, 2:08 PM EDT) -- Citing difficulty finalizing a commercial power supply contract, Malaysian construction materials conglomerate Cahya Mata Sarawak Bhd. and Australian mining giant Rio Tinto PLC on Tuesday scrapped an aluminum smelter project valued at 7 billion Malaysian ringgits ($2.3 billion).

Units of each company — CMS' Samalaju Aluminium Industries Sdn. Bhd. and Rio Tinto Aluminium Malaysia Sdn. Bhd. — mutually agreed to terminate the joint venture known as the Sarawak Aluminium Co., according to a statement CMS issued Tuesday to Bursa Malaysia, the Malaysian stock exchange.

Rio Tinto...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.