Lates News

Australia announced on Thursday that it will provide AU$2.5 billion (approximately US$1.76 billion) in funding to help global mining giant Rio Tinto continue operations at the Tomago aluminum smelter, the largest in Australia, after 2028, ensuring a more economically reliable electricity supply. The Australian government stated in a press release that the agreement would add 3 gigawatts of power generation capacity for the smelter, with funding provided jointly by the federal government and the New South Wales state government. Rio Tinto had warned in October that if the Tomago aluminum smelter could not secure commercially viable electricity supply after 2028, the plant may be forced to shut down. As part of the agreement, the Tomago aluminum smelter will invest at least AU$1.1 billion, including AU$100 million to promote further decarbonization efforts at the plant.