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Rio Tinto claims force majeure over Queensland alumina exports

by xyonent
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Force Majeure Definition.jpg

Rio Tinto (ASX:RIO, NYSE:RIO, LSE:RIO) has invoked force majeure on alumina exports from its refinery in Queensland, Australia, due to an extended disruption in gas supplies. According to media reports.

The notice affects third-party alumina sales and is the company’s response to continued gas supply constraints due to damaged pipelines in Queensland. The cause was a fire that restricted the flow of gas.

The expected time for full restoration of gas supply capacity has been extended to late 2024.

Rio Tinto’s Yaroun refinery and Queensland Alumina will remain operate at reduced capacity Until the pipeline is fully operational, gas supplies will be restricted but Rio Tinto’s aluminum smelting operations will not be affected.

Q1 Aluminum performance

rio tinto Reported aluminum production Alumina production in the first quarter of this year was 826,000 tons, an increase of 5 percent compared to the same period in 2023. Alumina production in the first quarter of 2024 was flat at 1.9 million tons compared to the same period in 2023, but 3 percent lower than last time. quarter due to gas pipeline disruptions that affected the company’s Gladstone operations. It was then repaired and returned to production.

In its first quarter announcement, the company said London Metal Exchange aluminum prices fell 3% during the quarter, but the average price rose 0.4% from Q4 2023 to USD 2,199 per tonne. Pointed out.

Rio Tinto also said aluminum demand in Europe and North America is showing improvement, while demand in China remains strong, driven by growth in renewable energy and electric vehicles. Despite the stabilizing global aluminum production situation, the physical market remains tight due to low reported inventory levels.

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Securities Disclosure: I, Giann Liguid, have no direct investment interest in any of the companies mentioned in this article.

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