Government-imposed caps on energy prices have not prevented Rio Tinto from fully impairing its Boyne aluminium smelter after another tough year.
that Rio operates in Australia and New Zealand under the banner of Pacific Aluminium, and underlying earnings across the Pacific Aluminium division slumped from $US426 million in 2021 to $US248 million in 2022.
Boyne was also hampered by high rates of absenteeism linked to the pandemic, but Rio said the major problem was the “high cost of energy from the coal-fired Gladstone Power Station”. The power station was originally built to supply the smelter, but in recent years it has also been called upon to provide more power into the Queensland grid after an explosion at a rival power station.The federal government has introduced caps on energy prices but Rio said that was not enough to ward off full impairment of the Boyne smelter.
The separation was linked to the government price caps on energy - under which the Gladstone power station could be eligible for government compensation - as well as Rio’s plan to switch the Pacific Aluminium division over to clean energy by 2030.
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