Massive bailout for Australia’s largest aluminium smelter expected to be announced by PM and NSW premier
The Australian federal and New South Wales governments are preparing a $2.5 billion bailout for the Tomago aluminium smelter. The deal aims to secure energy supplies and prevent the closure of the site, which employs 1,000 workers and accounts for 10% of the state's energy usage.
Why it matters
This intervention highlights the economic and political challenges of maintaining heavy industry amid rising energy costs and the transition to renewable power.
Federal and state governments are expected to announce a major bailout for the Tomago aluminium smelter on Thursday. Photograph: Michael Gorton/AAP Federal and state governments are expected to announce a major bailout for the Tomago aluminium smelter on Thursday. Photograph: Michael Gorton/AAP Australian politics Massive bailout for Australia’s largest aluminium smelter expected to be announced by PM and NSW premier Rio Tinto said in December it may cease operations at the Tomago aluminium smelter at the end of its current electricity supply contract
Prefer the Guardian on Google Anthony Albanese and the New South Wales premier, Chris Minns, are preparing to mount a major bailout of Australia’s largest aluminium smelter, in a deal worth as much as $2.5bn.
Resources giant Rio Tinto said in December it was contemplating ceasing operations at the Tomago aluminium smelter in NSW at the end of its current electricity supply contract.
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