Rio Tinto's announcement that it was conducting a review that could lead to the closure of the Tiwai aluminum smelting plant Pt.
More than one billion dollars was written off from the market value of the electricity generator in the following hours, as investors considered the prospect of a sharp decline in demand.
Invercargill lawmaker Sarah Dowie warned that the Rio Tinto announcement, combined with other issues regarding the region meant that Southland "would be destroyed".
• The NZ stock market is blinded by Rio Tinto's review of the Tiwai Point smelter
• Tiwai Pt aluminum smelting owners seek negotiations with the Government, raising the possibility
Barclay said that everyone acknowledged that Tiwai paid an unfair share of the increase.