Why it matters: Aluminium has an outsized influence on Rio’s emissions.
Rio’s power contracts for smelters in NSW and Queensland expire in 2028 and 2029.
It is difficult to find an immediate renewable solution for the scale of energy required.
Rio Tinto chief executive Jakob Stausholm says a low carbon solution for the company’s Australian aluminium assets must be found before 2030, and insists while the fix is not within reach, he is committed to working with governments to find one.
Mr Stausholm’s declaration that Rio’s Australian aluminium assets “cannot continue like this” came after the division’s underlying earnings crashed 82 per cent over the past year, and as Mr Stausholm said he hoped to convince China’s biggest steelmaker to make green steel products in Australia.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
