Overview
- A joint package announced Wednesday will provide A$2 billion over 10 years to Rio Tinto’s Boyne aluminium smelter under a 50:50 federal–Queensland deal.
- The support will take the form of a production tax credit earned on aluminium output starting in 2030 for a decade.
- In return, Rio Tinto plans about A$7–7.5 billion of new renewable generation and storage in Queensland to cut power costs for Boyne.
- The company says the plan keeps the smelter running at least until 2040 and supports about 1,000 on-site jobs plus roughly 2,000 more in the Gladstone region.
- Officials cast the move as part of the Future Made in Australia strategy after recent rescues for Glencore, Nyrstar and Whyalla, while opposition figures question using taxpayer funds for large corporations.