Adds particulars of agreements, background
Adds particulars of agreements, background
March 19 (Reuters) – Alcoa Corp AA.N mentioned on Friday it had signed new, five-year electrical energy provide agreements with AGL Vitality AGL.AX, Origin Vitality ORG.AX and Alinta Vitality for its Portland aluminium smelter within the Australian state of Victoria.
The Portland smelter consumes about 10% of Victoria’s electrical energy and is the largest single electrical energy client within the state.
The federal authorities had proposed a income top-up scheme in December final yr to make sure the smelter remained open after its operations had been threatened as Alcoa sought to chop prices.
The federal government had provided to make sure the smelter earned at the least A$76.eight million by June 2025, and the corporate mentioned on Friday that the state of Victoria had agreed in precept to match the federal authorities’s funding bundle.
The smelter is co-owned by Alcoa, Australia’s Alumina Ltd AWC.AX, CITIC Sources 1215.HK and an arm of Japan’s Marubeni Corp 8002.T.
The agreements will start on Aug. 1, after its present settlement with AGL expires, Alcoa mentioned.
Monetary phrases of the agreements weren’t disclosed.
($1 = 1.2890 Australian {dollars})
(Reporting by Shashwat Awasthi in Bengaluru and Sonali Paul in Melbourne; Enhancing by Leslie Adler and Stephen Coates)
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