Rio Tinto's Tomago Aluminium Smelter Secures Rescue Bid from Australian Government

The Australian government has unveiled a rescue bid to keep Rio Tinto's Tomago aluminium smelter open after it warned of potential shutdown due to high energy costs. The deal involves securing a long-term, fixed-price energy supply and a commitment of at least A$1 billion in capital and maintenance investment over the next decade. The government will also provide concessional finance for renewable energy development. The rescue bid aims to keep the smelter, which employs over 1,000 people, operational beyond 2028.