Tomago Smelter Saved with $2.5B Bailout | Australia News

Federal and NSW governments are set to unveil a $2.5 billion rescue package over ten years to save Australia’s largest aluminium smelter at Tomago, averting potential shutdowns driven by soaring energy costs. Split evenly between Canberra and Sydney, the deal also requires Rio Tinto to invest $1 billion in upgrades. The announcement, expected Thursday, aims to preserve thousands of Hunter region jobs and safeguard a critical industry vital to everything from construction to renewable energy infrastructure. It follows a pattern of government intervention seen in other heavy industries like Mount Isa copper and South Australian steelworks, underscoring the ongoing struggle to balance rising energy prices with national manufacturing needs — especially as smelters push toward renewables. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/a67d6a0a7499a365