Rio Tinto Group (ASX:RIO) said the Australian government's 10-year aluminum production credit will help smelters transition to renewable energy by 2036, according to a Monday statement from the mining giant.
The credit aims to boost investment in local smelters, secure jobs, and strengthen Australia's aluminum industry as global demand for low-carbon materials grows, per the statement.
The move supports the company's efforts, including its partnership to transition Boyne Smelters to renewable energy, a power purchase agreement for Gladstone operations, and a prior solar farm development agreement, Rio Tinto said.
Shares of the company rose nearly 2% in recent Monday trade.
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