Elsewhere in Rio Tinto’s operations, the company uses hydroelectricity dams in Canada to make low-carbon aluminium, and it is seeking to scale up its production of a niche zero-carbon aluminium smelting technology through its ELYSIS joint venture with Alcoa.

Its refineries in smelters in Queensland, NSW and Tasmania, however, are major energy users and rank among the biggest industrial polluters to be captured by the federal government’s signature emissions policy, the safeguard mechanism, which came into effect on July 1.

On Monday, Giampaolo chief executive Chris Galifi said the partnership with Rio Tinto would combine his company’s expertise in the recycling value chain with miner’s record of innovation in the primary aluminium industry.

“I am delighted to partner with Rio Tinto, a leader in the global aluminium industry,” Galifi said.

“We have steadily invested within the recycling supply chain and have grown the Matalco business over the past 18 years, based on our strategy focusing on a circular economy, and are extremely proud of the high-quality, low-carbon products we produce.”

Established in 2005, Matalco is a leading producer of recycled aluminium billet and slab, employing more than 650 people.

Rio Tinto’s agreement to buy 50 per cent of Metalco is expected to be completed in the first half of 2024.

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