This is massive news, imagine how tough NSW industry must be...

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Justadabble

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21/05/24

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Post #: 73926670
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Originally posted by Simple1: ↑

FNN CONTENT / SHARESMay 21, 2024Rio Tinto declares force majeure on Aussie alumina due to gas shortageBy Peter Milios | More Articles by Peter MiliosMORE RIO TINTO LIMITED CONTENTRio Tinto (ASX:RIO) has officially declared a force majeure on alumina shipments originating from its refineries in Queensland, Australia. The decision stems from a shortage of gas necessary to sustain its operations, according to sources familiar with the matter.The announcement was made to clients on Monday, though the sources requested anonymity when discussing confidential information.Rio Tinto operates alumina refineries in Queensland, including the Yarwun facility and the Queensland Alumina Limited joint venture with Russia's United Co Rusal International PJSC. However, ongoing challenges with the regional gas supply, compounded by earlier disruptions caused by fires in Queensland, have hindered the refineries' ability to function at full capacity.The force majeure declaration is expected to impact only third-party sales of alumina, with Rio Tinto's internal aluminum operations remaining unaffected. This strategic decision aims to mitigate broader consequences of the gas shortage on the company's aluminum production.In the broader context, the announcement occurs amid significant market volatility, particularly in base metals. For instance, copper prices have surged more than 25 percent on the London Metal Exchange since the beginning of the year. Such developments highlight the potential market implications of supply chain disruptions experienced by major players like Rio Tinto.Rio Tinto's declaration underscores the tangible challenges facing the mining industry, including logistical constraints and environmental risks. Stakeholders will closely monitor how the company navigates these challenges and implements solutions to maintain its operations effectively.

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This is massive news, imagine how tough NSW industry must be doing it.

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This is massive news, imagine how tough NSW industry must be...

Altair Minerals hits high-grade copper and gold at Wee MacGregor, QLD

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Petratherm adds $1.6 to the piggybank ahead of SA titanium drilling program

Siren Gold boosts antimony resource by 66% to 14.5Kt at Auld Creek, NZ

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Buyers (Bids)

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Featured News

This is massive news, imagine how tough NSW industry must be...

Top Stories

Altair Minerals hits high-grade copper and gold at Wee MacGregor, QLD

Western Mines identifies 2 high-grade zones at Mulga Tank in WA

Winsome scoping study proposes low-cost operation for Adina lithium project

Petratherm adds $1.6 to the piggybank ahead of SA titanium drilling program

Siren Gold boosts antimony resource by 66% to 14.5Kt at Auld Creek, NZ

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News