CITY OF MELBOURNE (dpa-AFX) - Rio Tinto Group (RTNTF, RIO, RIO.L, RTPPF, RIO1.DE, RIO.AX), a major mining company, has welcomed the deal between Tomago Aluminium, the Australian Government, and the New South Wales Government to secure the long-term future of the aluminium smelter.
Under the terms, the smelter will support the new agreement with A$1.1 billion of investment in the smelter between now and 2038, including A$100 million for decarbonisation initiatives.
Tomago will enter into a 10-year power purchase deal for electricity supply to the smelter through to 2038, with the power to be supplied by 100% renewable sources from 2033. The deal will begin following the December 31, 2028, expiry of the current electricity contract.
Once Tomago Aluminium's electricity is supplied by 100% renewable sources, from 2033 under the deal, it will reduce the smelter's scope 1 and 2 operating carbon emissions by 7.1 million tons a year.
These arrangements provide long-term certainty for Tomago Aluminium.
Tomago Aluminium is an independently managed joint venture owned by Rio Tinto, 51.55%, Gove Aluminium Finance Ltd, 36.05%, and Norsk Hydro 12.4%.
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