Rio Tinto Secures Bailout for Aluminum Smelter in Australia

Rio Tinto Group has secured a A$2 billion ($1.4 billion) government bailout to keep the Boyne aluminum smelter in Australia running until at least 2040 and support its transition to renewable electricity.

The funding will be provided by the federal government and the state of Queensland over 10 years from 2030. It will ensure the smelter “remains internationally competitive,” Rio Tinto Aluminium and Lithium Chief Executive Officer Jérôme Pécresse said in a statement on Wednesday.