Rio Tinto lifts force majeure on its Australian alumina exports

Rio Tinto RIO.AX has lifted force majeure on third-party contracts for alumina exports from its Gladstone refineries in Australia, a company spokesperson said.

Prices for alumina, the main material in making aluminium, have rallied this year as supply disruptions from Guinea, a major exporter of the feed material, Brazil and Australia tightened the market.

Rio Tinto did not say when the force majeure, declared in May due to restricted gas capacity levels at its operations, was lifted.

The miner said in its third-quarter production results that the Gladstone operations were expected to return to normal levels by the end of 2024. Its third-quarter alumina production fell by 7% year on year.

Alumina prices SAOc1 are up 68% since the start of the year to 5,564 yuan ($767) per metric ton, adding pressure on aluminium producers. However, new capacity for converting bauxite into alumina due online next year is expected to ease the tightness.
Source: Reuters (Reporting by Eric Onstad and Polina Devitt; editing by Jason Neely)