11:30 PM EDT, 08/12/2026 (MT Newswires) -- Rio Tinto Group's (RIO.L) aluminum smelter joint venture with Gove Aluminium Finance and Norsk Hydro (NHY.OL) pledged AU$1.1 billion through 2038 under a new agreement with the governments of Australia and the state of New South Wales. Tomago Aluminum's total commitment includes AU$100 million for decarbonization of Australia's largest aluminum smelter, according to a Thursday release. Also part of the deal, the smelter entered into a power-purchase agreement concerning the supply of electricity to the plant from Dec. 31, 2028, through 2038. As part of the agreement, the smelter will fully run on renewable energy from 2033, reducing its carbon emissions. Rio Tinto said the government-backed deal provides certainty for the smelter, workers, and customers. The mining company owns 51.55% of the smelter, with aluminum producer Gove Aluminum holding 36.05% and Norwegian renewable energy group Norsk Hydro owning the remaining 12.4%.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.