Rio Tinto Partners with Australian Governments to Secure Aluminum Smelter Future
Rio Tinto, the Queensland Government and the Commonwealth Government have struck a partnership to secure a long-term future for the Boyne aluminum smelter at Gladstone. The agreement supports a long-term future for aluminum smelting in Queensland, building on power purchase agreements signed by Rio Tinto in recent years to underwrite A$7.5B in new renewable energy and storage in the state. Under the deal, the Queensland and Commonwealth Governments will invest a combined A$2B over 10 years to 2040, finalizing the terms of a previously announced partnership between Queensland and Rio Tinto, and forming part of the Federal Government's Future Made in Australia initiative. The partnership supports the transition to long-term competitive power for the smelter and manufacturing jobs in Central Queensland for the longer term. Combined with what will be some of Australia's largest solar and wind power investments, underwritten by Rio Tinto, the partnership ensures Boyne Smelters Limited - the owner of the smelter in which Rio Tinto has a majority stake - will continue aluminum production beyond the completion of its current power contract in 2029, through to at least 2040.
