Australia Announces $1.4B Support for Rio's Boyne Aluminum Smelter

The Australian government has announced a $1.4 billion support package over 10 years for Rio Tinto's Boyne Smelters, the country's second-largest aluminum smelter. The investment, jointly funded by the federal and Queensland state governments, is expected to unlock $7.5 billion in new investment in Queensland. Rio Tinto has agreed to invest in energy assets to offset the costs. The support aims to alleviate pressure on the metals processing sector due to high energy and labor costs.