- Mining titan Rio Tinto said it was reviewing the viability of its loss-making ISAL aluminum smelter in Iceland and would consider curtailing or closing the operation, which employs around 500 people.

Rio Tinto said it would continue discussions with the Iceland government and power provider Landsvirkjun on how the smelter could return to profitability and become more competitive.

'We have worked intensively to improve ISAL's performance, however it is currently unprofitable and cannot compete in the challenging market conditions due to its high power costs,' aluminium head Alf Barrios said.

'Rio Tinto will review options for the smelter, with the aim of finding a solution for ISAL to become an economically viable business.'

The strategic review would completed in the first half of 2020.

Production at ISAL had already been reduced to 85% capacity due to its lack of profitability.

At 9:48am: [LON:RIO] Rio Tinto PLC share price was +68p at 4220.5p

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