Author: Paul Ploumis
15 Oct 2014 Last updated at 06:02:48 GMT
YAOUNDE (Scrap Monster): The company’s 90 percent of the income comes from iron ore, and it has been with a cross on aluminum, since the low performance of Alcan, a Canadian mine, in the time of financial crisis, which was acquired by the company on 38 billion, leaving the firm to pen down the destructions caused by the financial crisis. The company has also decided not to invest in any kind of projects.
In a statement released by the Rio Tinto Alcan, the iron ore giant along with government would find a new investor for the Alucam, which produces 100,000 tones of aluminum per year. The statement also added that, the company was proud to be a part of Alcum for several years, but the change in the aluminum industry doesn’t match up with the strategy of Rio Tinto. The company’s contract with the government regarding the administrative and technical assistance would not altered stated the statement.
Both the government of Cameroon and the company has 46.7 percent each stake in the aluminum plant, the remaining 5.6 percent stake of the plant is owned by the French Development Agency, and the other 1.1 percent is owned by the employees themselves.