Rio Tinto seeks government bailout for Tomago aluminum smelter, Bloomberg says

Rio Tinto (RIO) is seeking a multibillion-dollar government bailout for its Tomago aluminum smelter due to increasing energy costs, Jason Scott of Bloomberg reports, citing Australian Financial Review. The discussions center on the smelter’s electricity contract for 2026-2029 as well as the federal government’s production tax credits. Tomago uses approximately 12% of New South Wales’ power supply and is Australia’s biggest aluminum producer, generating up to 590,000 tons a year.