Reported about 15 hours ago
Rio Tinto is in discussions with Australian federal and state governments for a significant bailout of its Tomago aluminium smelter in New South Wales, facing financial difficulties due to rising energy costs. The talks are focused on the smelter's electricity contract for 2026-2029 and federal production tax credits. The smelter, which accounts for about 10% of New South Wales' power supply, produces 590,000 tonnes of aluminium annually. Australia's government has pledged A$2 billion in production credits to assist aluminium smelters, including Tomago, in transitioning to renewable energy.
Source: YAHOO