Rio Tinto Group (ASX:RIO) cast doubts on the future of its Bell Bay aluminum smelter as the expiration of a supply contract with the Tasmanian government nears, the Australian Financial Review reported Monday, citing the company's Chief Executive, Jakob Stausholm.
Addressing the Australian Securities and Investments Commission, the mining giant flagged a "material uncertainty" over Bell Bay's operations beyond December, when the supply contract with the Tasmanian government's Hydro Tasmania is due to expire. Rio added that there is a "reasonable expectation" that a new agreement could be signed before the deadline.
The smelter directly employs 503 workers, and a further 700 job losses are in danger should operations cease, the report said.
A Hydro Tasmania spokeswoman told the Australian Financial Review that talks with Rio are ongoing and that both parties "hope to reach a commercial outcome."
Rio Tinto's shares were up nearly 2% in recent trade.
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