28-10 Tomago Aluminium

Newcastle Herald

Tomago Aluminium Chief Executive Officer Jérôme Dozol and Chief Financial Officer and Company Secretary Andrew Newman  speak about the plant's future.

Transcript

00:00So today we also want to update you with the fact that Tomago Aluminium is starting consultation

00:07with our employees about the future of the operation. In the last three years we have

00:15approached the energy market and engaged with multiple stakeholders about finding an energy

00:22solution post-December 2028 when our current energy supply contracts ends.

00:30Despite all of these efforts we have not been able to find an energy solution that will keep

00:37the smelter commercially viable beyond December 2028.

00:43The energy price is the defining challenge for us. It's not new, we have shared that with our

00:51employees we have all seen. The energy is for us 40 percent of our cost.

00:59Under market proposal received to date, the cost of coal fire and renewable energy will

01:06significantly increase from January 2021, fundamentally changing operating economies.

01:13Uncertainty also remains around when new renewable projects will be available for us.

01:26Unfortunately, all the pathways that we have explored to date have shown us

01:31that this is simply not there right now for us.

Category

Transcript

Be the first to comment

Recommended