Portland smelter rescued as Alcoa strikes deal with AGL, govt

Aluminium major Alcoa will restart full operations at its Portland smelter, in Victoria, after striking a deal with state and federal governments, and finalising a new four-year power supply agreement with ASX-listed AGL Energy. It is understood that the Victorian government will invest some A$200-million to ensure that the Portland plant remains operational for the next four years, with the federal government expected to contribute a further A$30-million.