The Federal and Queensland governments have announced an historical $2 billion investment to shore-up Australia’s aluminium industry.
Together with Rio Tinto, the landmark investment is set to transform Queensland’s energy grid and secure aluminium smelting in Central Queensland.
Under the agreement, the Federal and Queensland governments will each invest $1 billion over 10 years to support Australia’s second largest aluminium smelter to stay open in Gladstone and Weipa.
Rio Tinto will underwrite close to $7.5 billion of investment in new energy generation and transmission in Central Queensland, to secure the long-term future of the Boyne aluminium smelter on Boyne Island, 12 km south of Gladstone.
Aluminium is critical to Australia’s economy, with the Boyne aluminium smelter supporting 1,000 jobs at the site, and a further 2,000 indirect jobs at Gladstone.
Australia is unique in that it has its own aluminium supply chain onshore, from bauxite mining to finished products.
Aluminium is used in everything from transport to construction, packaging, electronics, energy infrastructure and more.
Federal Minister for Industry, Innovation and Minister for Science Tim Ayres said the commitment was one of the most significant decarbonisation and industrial investment commitments in Australian history.
Queensland Minister for Natural Resources and Mines, Minister for Manufacturing and Minister for Regional and Rural Development Dale Last said the investment was needed now more than ever to safeguard the state’s sovereign manufacturing capabilities, and to build national resilience and international competitiveness.
