Australia unveils rescue bid for Rio Tinto's Tomago aluminium smelter [Yahoo! Finance]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
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Source: Yahoo! Finance
The news comes after the company warned in October that ?Tomago Aluminium, employer of more than 1,000 full-time staff and 200 contractors, might be forced to shut down, after failing to ?secure new, affordable energy supplies. Aluminium was "increasingly a vital product", Albanese said, making it important to keep Tomago open. "If Australia doesn't produce aluminium, then the knock-on effect in other industries is significant," he said at the smelter, located north of Sydney in the state of New South Wales (NSW). "We are working with the company, we are working with the New South Wales government to ?make sure there are a long-term energy solutions ?to go forward beyond 2028." The deal, which has yet to be finalised, would involve securing a long-term, fixed-price energy supply for the smelter, the government said. Tomago is the state's ?biggest power user, and like some other Australian smelters grappling with high energy prices during the transition to renewables, it was
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