Australian Court Dismisses Rusal Suit Over Rio Tinto Alumina Refinery
By Rhiannon Hoyle
An Australian court Thursday dismissed a lawsuit by United Co. Rusal aimed at restoring the Russian aluminum giant's access to supply from one of Australia's largest alumina refineries.
Rusal has a 20% stake in the Queensland Alumina refinery, while Rio Tinto owns 80%.
Rio Tinto in 2022 took over the operation of Queensland Alumina, following sanctions from the Australian government aimed at gumming up Russia's mammoth aluminum industry.
Rusal disagreed with the decision and took legal action to seek to resume its role in the business.
"Rio Tinto can confirm the Federal Court has upheld that Australian government sanctions, in response to Russia's invasion of Ukraine, restrict Rio Tinto from supplying bauxite to Rusal and restrict Queensland Alumina Limited (QAL) from processing bauxite for, and supplying alumina to, Rusal," a Rio Tinto spokesperson said in an emailed statement. "Rio Tinto and QAL plan to continue to operate on this basis for as long as the sanctions continue."
A spokesperson for Rusal couldn't immediately be reached for comment.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 01, 2024 01:58 ET (06:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits