Rio Tinto Secures Agreement with Queensland Government to Sustain Boyne Smelters’ Future

Rio Tinto has signed a key agreement with the government of Queensland, Australia, aimed at securing the long-term viability of the country's second-largest aluminum smelter, Boyne Smelters. The Anglo-Australian mining giant announced on Thursday that the Queensland government has committed to supporting the financial stability of the smelter from 2029 as it transitions to renewable energy sources. The support will be provided under the state's Energy and Jobs Plan, though specific details were not disclosed.

Rio Tinto, which holds a majority stake in Boyne Smelters, also confirmed its plans to invest in maintaining the smelter's annual production capacity of over 500,000 metric tons. In addition, the company intends to expand its coastal shipping operations by adding a fifth vessel to transport bauxite from its Gove and Weipa mines to its operations in Gladstone.

This agreement follows Rio Tinto's move in June to increase its ownership stake in Boyne Smelters to nearly 74% by purchasing Mitsubishi's 12% stake.