Politics
Rio Tinto Aluminum Smelter Gets $1.8 Billion Australian Bailout
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Rio Tinto Aluminum Smelter Gets $1.8 Billion Australian Bailout The owners of Australia’s biggest aluminum smelter, including Rio Tinto Group, have secured a government bailout of A$2.5 billion ($1.8 billion) to keep the plant operating as it grapples with high energy costs. Majority owner Rio and its partners at the Tomago smelter in New South Wales secured financial support from both the federal and state governments, which will see the venture invest A$1.1 billion in the smelter,...
Rio Tinto Aluminum Smelter Gets $1.8 Billion Australian Bailout
The owners of Australia’s biggest aluminum smelter, including Rio Tinto Group, have secured a government bailout of A$2.5 billion ($1.8 billion) to keep the plant operating as it grapples with high energy costs.
Majority owner Rio and its partners at the Tomago smelter in New South Wales secured financial support from both the federal and state governments, which will see the venture invest A$1.1 billion in the smelter, according to reports in the Sydney Morning Herald and Australian Financial Review. It will also make the plant more flexible, so that it can reduce power consumption at times of high demand on the grid.