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Article: Rio Tinto unit pulls investment from Saudi project
- Article from:
- AP Worldstream
- Article date:
- December 17, 2008
- Author:
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A subsidiary of global mining giant Rio Tinto Group said Wednesday it is pulling its investment out of a $7 billion Saudi Arabian aluminum project due to the weakening global economy.
Montreal-based Rio Tinto Alcan said it will not be an equity partner with Saudi Arabian Mining Co., commonly known as Ma'aden, opting instead to provide technical assistance and support.
"The recent global financial and economic crisis has changed Rio Tinto's outlook for project development throughout the world," Rio Tinto Alcan Chief Executive Dick Evans said in a statement.
The announcement from Rio Tinto Alcan is the latest in a string of spending cuts and layoffs that have ...