London – Rio Tinto 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 aluminum, 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 are up 68% since the start of the year to 5,564 yuan ($767) per metric ton, adding pressure on aluminum producers. However, new capacity for converting bauxite into alumina due online next year is expected to ease the tightness.
($1 = 7.2492 Chinese yuan renminbi)
(Reporting by Eric Onstad and Polina Devitt; editing by Jason Neely)
