Market Chatter: Rio Tinto Set to Receive Government Support for Australian Aluminum Smelter

MT Newswires Live08-12

Rio Tinto (RIO) and its partners are expected to receive financial support from Australia's federal and New South Wales governments to keep the Tomago aluminum smelter operating amid high energy costs, Bloomberg reported Wednesday, citing people familiar with the matter.

The package is expected to be announced Thursday and is aimed at securing reliable, competitively priced power for the smelter beyond the expiration of its current electricity contract in 2028, according to the report.

Rio Tinto owns a 51.55% stake in Tomago, while Gove Aluminium Finance and Hydro Aluminium hold the remaining interests.

Rio Tinto did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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