Reported 11 months ago
Rio Tinto Plc has decided to keep its New Zealand aluminum smelter operational until at least 2044, after reaching new electricity supply agreements with Meridian Energy, Contact Energy, and Mercury New Zealand. The agreements provide price certainty for the power the smelter at Tiwai Point requires, and Rio Tinto is acquiring full ownership by buying out its minority partner Sumitomo Corp. The decision secures the future of the smelter, which faced closure in 2021 due to high energy costs, allowing for continued production of low-carbon aluminum.
Source: YAHOO