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Labor’s $2bn Green Bailout for Rio Tinto Smelter
Federal and Queensland governments will each invest $1 billion over 10 years in a tax credit to secure 3,000 jobs and support energy investments at the Boyne smelter.
- On Wednesday, Federal Industry Minister Tim Ayres and Queensland Manufacturing Minister Dale Last announced a $2 billion subsidy for Rio Tinto's Boyne Smelter in Gladstone.
- This funding extends the government's Future Made policy, continuing interventions last year for Glencore, Nyrstar, and Whyalla as Australian manufacturers struggle with high operating costs.
- Rio Tinto will deliver 3,000 jobs and underwrite around $7 billion in electricity grid investment, transitioning the Boyne Smelter to renewable energy by 2040.
- Gladstone Mayor Matt Burnett welcomed the investment, saying, "If we were to lose our aluminium industry, it would decimate our local economy."
- Negotiations are underway with NSW regarding Tomago Aluminium as Ayres noted that global market "rules are in flux," requiring active government responses.
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Governments to Back Struggling Aluminium Smelter in Return for $7 Billion Green Energy Push
The Queensland and federal governments will provide mining giant Rio Tinto with a $2 billion boost in subsidies to help shore up the future of its North Queensland aluminium smelter. In exchange, the company will support around $7 billion worth of green energy initiatives in the state. Under the deal, the state and federal governments will each contribute $1 billion over 10 years, aimed at providing job certainty to around 3,000 workers in the r…
·New York, United States
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Coverage Details
Total News Sources20
Leaning Left3Leaning Right5Center2Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 30%
C 20%
R 50%
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