- Global miner Rio Tinto said it has reached a new electricity agreement with Meridian Energy that allows New Zealand's Aluminium Smelter (NZAS) to continue operating the Tiwai Point aluminium smelter until 31 December 2024.

The company said the agreement is in relation to power prices, making the smelter economically viable and competitive over the next four years. Rio Tinto Aluminium chief executive Alf Barrios said ‘This agreement improves Tiwai Point's competitive position and secures the extension of operation to December 2024.

‘It also provides Rio Tinto, the New Zealand government, Meridian, and the Southland community more time to plan for the future and importantly gives our hard-working team at Tiwai and our customers the certainty they deserve.’

At 8:11am: [LON:RIO] Rio Tinto PLC share price was 0p at 4732p

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