Rio Tinto welcomes Australian authorities’ announcement of aluminum production loan

(RTTNews) – Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) has expressed its support for a new credit rating announcement by Australian authorities for aluminum production. This initiative aims to maintain and expand aluminum smelting activities in Australia, which will greatly benefit regional communities and improve the country’s manufacturing capabilities.

The company is well aware that the manufacturing rating, recently released as part of the Future Made in Australia belief, sets Australia on a path to turn into a pacesetter in inexperienced metal manufacturing, while supporting a continued solid financial future for communities that have held the power of the national aluminum trade for generations.

It would introduce a focused boost for Australian aluminum smelters to switch to legal, renewable electricity before 2036. Under the initiative, products and providers are likely to be eligible for a boost for their output for a period of 10 to three hundred and sixty-five days. The aims of the credit rating are to give domestic aluminum smelters the confidence to take up the position, securing jobs in Australia and strengthening the country’s global aluminum trade.

The views and opinions expressed herein are those of the author and manufacturer, which no longer necessarily reflect those of Nasdaq, Inc.