Australian Market Sharply Extends Early Gains In Mid-market

Rio Tinto and RevoCast have formed a long-term partnership to supply low-carbon aluminum billet in North America. Rio Tinto will market the product, combining its low-carbon primary aluminum with RevoCast's recycled aluminum. The Langley, British Columbia facility can produce over 80,000 tons annually, serving various industries. According to Rio Tinto, this partnership ensures a reliable supply for North American manufacturers.

BHP Group (ASX:BHP) shares fell 0.92% to A$60.26. Bank of America upgraded BHP to Buy with a A$68 price target, citing confidence in copper expansion at Olympic Dam. BHP aims to increase copper output to 2.5Mtpa by FY2035. The stock has gained 31.69% YTD but only 2.39% in Q3.

Rio Tinto, the Tasmanian and Australian governments agreed to keep the Bell Bay aluminium smelter operating until 2031. The deal includes a five-year power supply agreement with Hydro Tasmania and a AU$200 million support package. The smelter produces 190,000 tons of aluminium annually and contributes AU$260 million to the local economy. Rio Tinto also recently acquired the Aurukun bauxite project in Queensland.

Rio Tinto's Bell Bay aluminium smelter in Tasmania secured a five-year extension with a $200 million support package from federal and state governments. The deal ensures the facility's operation until 2031, securing over 500 jobs and an estimated $5 billion economic contribution. The smelter produces 190,000 tonnes of aluminium annually, mostly for export.

Rio Tinto and Hydro Tasmania finalized a five-year power deal for the Bell Bay Aluminium smelter, supported by a $200 million government bailout. The funding covers a $60 million annual shortfall, securing 550 jobs and injecting $5 billion into the Tasmanian economy over five years, according to government statements.

Governments in Australia have provided significant financial support to heavy industry. The federal and Tasmanian governments committed $200 million to keep the Bell Bay Aluminium smelter, owned by Rio Tinto, operational for five years. Since 2025, Rio Tinto's facilities have received almost $5 billion in bailouts, including $2.5 billion for the Tomago smelter and $2 billion for the Boyne smelter. Whyalla steelworks has also received $2.9 billion in funding.