{"text":[[{"start":8.742,"text":"The Australian government has bailed out a Rio Tinto-controlled aluminium smelter with a A$2.5bn ($1.8bn) package after months of wrangling that threatened the future of one of the country’s largest industrial operations."}],[{"start":24.72,"text":"The long-awaited deal to rescue the Tomago smelter in New South Wales is the latest move by Anthony Albanese’s government to protect its industrial base with taxpayer funds following similar bailouts of vulnerable copper, aluminium, zinc and steel operations."}],[{"start":40.22,"text":"Tomago’s future looked bleak last year when the smelter, jointly owned by Rio, Norsk Hydro and Gove Aluminium, started a formal process to shut the facility despite holding talks with the federal and state governments over a rescue deal."}],[{"start":52.421,"text":"The smelter, which uses about 10 per cent of electricity generated in New South Wales and employs 1,000 workers, faced an uncertain future with its existing electricity contract set to expire in 2028."}],[{"start":66.72,"text":"Albanese’s government, alongside the state of New South Wales, has agreed a 10-year deal to support the smelter’s transition to 100 per cent renewable energy by 2033. The deal is expected to underpin investment in the state’s electricity grid."}],[{"start":79.852,"text":"In exchange, Tomago Aluminium will invest A$1.1bn into its operations until 2038, including A$100mn on decarbonisation activities."}],[{"start":89.82,"text":"Albanese said at a press conference in Tomago on Thursday that the agreement delivered on his government’s promise to protect jobs in the region, which has long been a stronghold of the ruling Labor Party."}],[{"start":100.733,"text":"“This site isn’t just important for Newcastle and the Hunter,” he said, referring to the area around Tomago. “It’s a critical asset for the country and our manufacturing future.”"}],[{"start":109.24,"text":"Albanese has put manufacturing at the heart of his industrial policy since he was elected in 2022. His government has rescued assets owned by some of the world’s largest miners and commodity traders, including Glencore and Trafigura."}],[{"start":125.28,"text":"The Tomago deal was held up by negotiations between the federal and state governments over the structure of the energy agreement and shared financial responsibility."}],[{"start":133.297,"text":"Jérôme Pécresse, head of Rio Tinto’s aluminium operations, said the deal would ensure skills remained in the Hunter Valley and secure supply to its global customers."}],[{"start":143.227,"text":"“Australia keeps a critical piece of sovereign manufacturing capability, while helping Tomago Aluminium continue competitively producing the aluminium needed for the global energy transition,” he said."}],[{"start":163.16,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1786598094_4767.mp3"}