The Australian Government on Friday unveiled a plan to work with the New South Wales Government and Rio-Tinto's (ASX:RIO) majority-owned Tomago Aluminium, to keep the smelter open beyond 2028, according to a Friday statement by the Australian Prime Minister Anthony Albanese.

The statement said that the partnership aims to deliver a long-term, fixed-price power purchasing agreement for the smelter, along with concessional finance arrangements to accelerate renewable energy generation and storage developments in the state.

As part of a successful deal, Tomago Aluminium will contribute at least AU$1 billion in capital and major maintenance over the next ten years, which includes identifying further decarbonization opportunities.