Rio Tinto's Aluminum Smelter JV with Norsk Hydro Pledges AU$1.1 Billion Under New Deal

11:30 PM EDT, 08/12/2026 (MT Newswires) -- Rio Tinto Group's (RIO.L) aluminum smelter joint venture with Gove Aluminium Finance and Norsk Hydro (NHY.OL) pledged AU$1.1 billion through 2038 under a new agreement with the governments of Australia and the state of New South Wales. Tomago Aluminum's total commitment includes AU$100 million for decarbonization of Australia's largest aluminum smelter, according to a Thursday release. Also part of the deal, the smelter entered into a power-purchase agreement concerning the supply of electricity to the plant from Dec. 31, 2028, through 2038. As part of the agreement, the smelter will fully run on renewable energy from 2033, reducing its carbon emissions. Rio Tinto said the government-backed deal provides certainty for the smelter, workers, and customers. The mining company owns 51.55% of the smelter, with aluminum producer Gove Aluminum holding 36.05% and Norwegian renewable energy group Norsk Hydro owning the remaining 12.4%.