Rio Tinto welcomes Australian Government support for low-carbon aluminum By Investing.com

MELBOURNE, Australia–(BUSINESS WIRE)–Rio Tinto welcomes the Australian Government’s announcement of an aluminum production credit to help sustain and expand aluminum smelting in Australia, and significantly develop communities’ environmental and economic potential. of the country of production.

The production credit, announced today as part of the Future Made in Australia Designit sets Australia on the path to becoming a leader in green steel production, while supporting a strong economic future for a nation that has fueled the country’s aluminum industry for generations.

It will provide targeted support to Australian aluminum smelters transitioning to reliable, renewable electricity before 2036. Under the scheme, facilities will be eligible for support for their production through period of 10 years. This credit aims to give local aluminum workers the confidence to invest, find jobs in Australia and strengthen the country’s high-quality aluminum industry.

The support comes at an important time for Australia’s aluminum sector, as major producers and infrastructure developers around the world seek a supply of low-carbon, demand-driven materials. growing range of sustainably produced products.

Rio Tinto (NYSE:) Chief Executive Officer, Australia, Kellie Parker said: The Australian Government’s commitment reflects strong confidence in domestic manufacturing and the country’s position in the global economy. As traditional energy sources for heavy industry continue to become uncompetitive, today’s announcement is an important step in helping the packaging industry into the future. Such support is essential for maintaining and growing local economies.

“As global industry and consumers increasingly focus on low carbon products, this support demonstrates Australia’s ability to be a leading supplier of the aluminum needed for the global energy transition yes, creating the foundation for local businesses and manufacturing to thrive.”

The announcement builds on Rio Tinto’s partnership with the Queensland Government, announced in August 2024, to support Boyne Smelters Ltd’s (BSL’s) transition to renewable energy, as well as Rio Tinto’s strong progress in acquiring renewable energy. renewable to provide cheap electricity for its aluminum processing. . This includes signing Australia’s largest renewable energy purchase agreement in early 2024 to supply its Gladstone aluminum operation, where Rio Tinto will buy most of the electricity from the proposed 1.4 GW Bungaban wind power, and an earlier agreement with European Energy to facilitate the development of the 1.1GW Upper Calliope solar farm. These projects will make Rio Tinto the largest consumer of renewable energy in Australia.

Rio Tinto’s integrated aluminum production chain in Queensland is a key economic driver, directly employing more than 4500 people and supporting the livelihoods of thousands of Australians. The company’s operations in Gladstone alone create over 3000 jobs, 1000 of which are BSL. In addition, Rio Tinto’s bauxite operation in Weipa employs over 1300 people, supplying raw materials to the Gladstone production facility.

Rio Tinto also welcomes the announcement that it owns 51.55% of Tomago Aluminum Company and looks forward to working with the New South Wales Government to help secure the future of the operation. Tomago, in the Hunter Valley, is Australia’s largest aluminum smelter, directly supporting more than 1200 full-time jobs.

Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20250118099373/en/

Please direct all questions to media.enquiries@riotinto.com

Media Relations,
Australia

Michelle Lee
M + 61 458 609 322

Rachel Pupazzoni
M + 61 438 875 469

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Team: BSL

Source: Rio Tinto