METLEN Energy & Metals Secures Long-Term Strategic Agreements with Rio Tinto in Bauxite and Alumina
METLEN Energy & Metals (METLEN) is pleased to announce that it has entered into two long-term strategic agreements with Rio Tinto, securing supply chain improvements in both Bauxite and Alumina.
More specifically, as previously announced, METLEN has committed to a large-scale expansion of its Alumina production capacity with a landmark investment at the historic 'Aluminium of Greece' plant in Agios Nikolaos, Viotia, Greece. This investment will significantly increase the refinery's alumina output from 865.000MT to 1.265.000 tonnes annually.
To support this expansion, METLEN has signed two significant and sizeable long-term agreements with Rio Tinto, whereby:
Through the Bauxite Supply Agreement, Rio Tinto will supply approximately 14.9 million metric tonnes of bauxite from the CBG mine in Guinea over an 11-year period (2027-2037). These quantities will supplement METLEN's own production in the local mines.
Though the Alumina Offtake Agreement, METLEN will supply Rio Tinto with 3.9 million metric tonnes of Alumina, sourced from its expanded Agios Nikolaos refinery over an 8-year period (2027-2034) with an optional 3-year extension (2035-2037).
Evangelos Mytilineos, Chairman & CEO of METLEN Energy & Metals, commented: 'This strategic partnership with Rio Tinto is one more milestone for METLEN, ensuring a secure and competitive supply chain for our expanding alumina production. With these agreements we strengthen our competitive position and deepen our presence in the global alumina market.'
Jerome Pécresse, Chief Executive of Rio Tinto Aluminium said: 'Rio Tinto is pleased to forge this long-term partnership with METLEN Energy and Metals, securing alumina supply for our operations in the Atlantic region to continue producing high-quality, low-carbon aluminium for our customers while strengthening our position in Europe.'
These agreements are part of METLEN's strategy to reinforce and expand its operations in the global alumina market. By securing long-term bauxite supply and a stable offtake arrangement for its alumina production, METLEN is establishing its position as a key player in the industry while ensuring sustainable growth.
METLEN:
METLEN Energy & Metals is a multinational industrial and energy company, a leader in the metallurgy and energy industries, focused on sustainability and circular economy. The Company is listed on the Athens Stock Exchange, with a consolidated turnover and EBITDA of €5.492 billion and €1.014 billion, respectively. METLEN is a reference point for competitive green metallurgy at the European and global level, whilst operating the only vertically integrated bauxite, alumina and primary aluminum production unit in the European Union (E.U.) with privately owned port facilities. In the energy sector, METLEN offers comprehensive solutions, covering thermal and renewable energy projects, electricity distribution and trading, alongside investments in grid infrastructure, battery storage, and other green technologies. The Company is active in the markets of all five continents, in 40 countries, adopting a full-scale synergetic model between the Metallurgy and Energy Sectors, while undertaking end-to-end development of major energy infrastructure projects.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
What Elon Musk's feud with Trump means for Tesla shareholders
For Tesla investors, Elon Musk's involvement with Donald Trump has been a car wreck that's unfolded in two chapters, one in slow motion, the next on dizzying fast-forward. During Musk's 130 days running DOGE, a crusade whose dogged aggression virtually defined the administration's mindset in the early months, the EV chief infuriated European customers by backing far-right politicians, and as sales dropped in the likes of Germany and France, and severe competition shrank its market share in China, neglected tackling Tesla's mounting problems by doubling down by famously battling to slash departments and headcount from the White House. In his absence, Tesla's stock and earnings tanked. Bad as that episode proved for Tesla, it at least provided a potential upside. 'Even before DOGE, Musk clearly had too many spoons in too many pots through SpaceX, Neuralink, X and his other ventures, then he got even more preoccupied by putting another spoon in another pot,' says Eric Talley, a professor of law and business at Columbia University. 'But being in the White House also included a bit of an insurance policy for Tesla….sitting close to the seat of decision making was a big potential advantage.' Now, says Talley, Musk has singlehandedly turned that 'insurance policy' into a liability—the threat that the administration will penalize the EV-maker, or at best do nothing to protect it. When Musk departed DOGE on May 30 amid the fanfare of Trump's Oval Office sendoff, Tesla shareholders still had little to toast, since the CEO wasn't offloading his empire's myriad duties to refocus on the troubled manufacturer. Then, the Musk-Trump feud that exploded on June 5th, triggered by the former's lacerating takedown of the President's signature budget bill, put Tesla overnight into a spot where it's threatened not only by poor finances but the insults unleashed at his former sponsor that both invite retaliation by Trump and endanger Musk's survival as the enterprise's leader that's so critical to its gigantic valuation. 'The thing that's different in the last 24 hours,' says Talley, 'is that Musk not only walked away from an insurance policy of having a CEO situated high in government. He took out an anti-insurance policy. Any moment could erupt in a flameout from either side over social media that puts a target on Tesla's back.' He notes that Tesla's rivals are confronting the same headwinds from the wind-down in EV subsidies to purchasers subsidies proposed the so-called 'Great Big Beautiful Bill,' but the the overhang from antagonizing the president 'is a target its competitors don't have.' Indeed, the day it detonated, the blowup sent Tesla shares reeling 14.3% in a freefall that erased $153 billion in market cap, the biggest one-day drop in the company's history. Though it clawed back around a third of those losses the following day, the stock's still sitting 40% below its recent summit in mid-December. Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware, and one of the leading experts on the rules and ethics governing boards, told Fortune that in any other major public company but Tesla, Musk would be gone—and the dumping would have happened well before the new hurricane. 'If his name had been Joe Dokes, he'd be gone in a nano-second,' says Elson, 'given the reputational damage he did alienating a good number of customers by going into politics at DOGE. It's a mess. No other board would have let a CEO get involved in that way. You don't have time to be a CEO!' What keeps Musk in the job is his iron grip on the board, says Elson. He notes that Musk controls 30% of the shares, and that his influence extends beyond the power of that stake due to the loyalty built, in part, by awarding directors large options grants that made many of them extremely rich. Elson reckons that it would be extremely difficult for disgruntled shareholders to prevail in lawsuits versus board members that might work toward forcing out Musk. 'The road to winning liability cases against directors is a twisting, bumpy one,' he avows. 'That Tesla re-incorporated from Delaware to Texas makes it much tougher. That's why Tesla moved to Texas. It was a race to the bottom and they ran all the way to the bottom of the barrel.' For Elson, Musk can't be forced to leave, and won't go unless he wants to, 'and there's nothing anybody can do about it.' Nevertheless, the size of Musk's ownership stake that's the source of his control, and his attachment to Tesla going forward that's attached to that position, are being tested by a landmark decisions in the Delaware courts. The rulings, handed down last year, negated the $56 billion stock package awarded by the board in 2018 that accounts for two-thirds of Musk's holdings. Tesla's now appealing to get that comp restored. If the Delaware Supreme Court upholds the decision, Tesla's certain to attempt getting that compensation reinstated. But that route courts much higher risks now. According to Talley, the board under Texas law could either attempt to restore the package unilaterally, or put the issue to a shareholder vote. He reckons that the former, more direct approach is now looking a lot less attractive to the directors than a few days ago. 'The board may prefer now to go with a shareholder vote,' he says, given the potential backlash from rewarding Musk so royally when Tesla's struggling, mainly because of his own actions. 'It might appeal to the board to go that way and count on a rejection,' he adds. A turn down raises another potentially ghoulish outcome. 'If they have a shareholder vote, and it goes negative, then you have a succession problem. You don't want a CEO to take vengeance on the company,' a path the mercurial legend could take. It's also unclear how Musk will react if the Delaware Supreme Court rules against him—same upshot, he owns far less of Tesla, and his incentive to rebuild his the greatest source of his wealth would be greatly diminished. Tesla enjoys a gigantic premium courtesy of Musk's iconic status and the serial promises of delivering self-driving technology that will transform Tesla from a metal-bender into a fabulously lucrative tech player. As I detailed after Tesla reported Q1 results, it actually lost money selling cars and batteries and only managed a tiny profit through the sales of regulatory credits. Its 'hardcore,' repeatable earnings from the auto and battery franchises over the previous four quarters totaled just $3.5 billion, down from $12 billion in 2022. At a PE of 30 that's three times the auto industry average, Tesla—based on bedrock fundamentals—might be worth $100 billion. But even after the recent selloff, its valuation stands at $960 billion. Hence, the difference of well over $800 billion arises from what I'll call the 'Musk magic premium,' created by his promises of epic innovations to come. If Musk were to depart, a big part of that magic premium exits with him. It may be fading already. So for Tesla shareholders, it's bad either way. Musk leaves and a hands-on leader arrives, but the genius' halo no longer shields the stock, or he stays and keeps starting fights that undermine the brand and spreads his time among half a dozen pioneering ventures that he may find more riveting. As Elson puts it, 'Anyone else would be fired after this but he feels he can't be. He has this aura that makes him feel untouchable. He's got a cult status that seems to follow him and make folks think it's okay that he doesn't operate in a normal way.' But, Elson cautions, as Musk's behavior gets more and more outrageous, the burden he's heaping on Tesla, now and what investors increasing perceive is looming, is catching up with him. We've just seen a shocking example of how fast that can happen, and how rapidly the myth can dissolve. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
5 hours ago
- Miami Herald
Ford's Hot Hatch Is Now Officially History
The end is here for Ford's last hot hatch as the company confirmed to Motor1 that every factory build slot for the Focus ST is spoken for. "All Focus ST factory orders until the end of production have now been reserved," European communications manager Finn Thomasen said. Dealers across the Continent may still have a few unclaimed cars hiding in back lots, but once those are gone-and when Focus production stops in November-the book will officially close on Ford's 45-year hot-hatch chapter. The Focus joins a growing list of Ford passenger cars already in the rear-view mirror. The Fiesta bowed out in 2023, the Mondeo in 2022, and the tiny Ka back in 2020. Without them, Ford's European portfolio is dominated by crossovers such as the Puma and Kuga. The shift has taken a bite out of sales: through April, Ford moved 149,601 vehicles in the EU, U.K., and EFTA markets-down 2.2% year-over-year and less than a third of Volkswagen's haul over the same period. Even Hyundai and Kia have pulled ahead, underscoring how much ground Ford has ceded without its affordable hatchbacks. Yes, the seventh-generation Mustang still flies the performance flag, but it's hardly a volume play. EU taxes punish engines bigger than two liters, dogging the 5.0-liter V-8, while the smaller 2.3-liter EcoBoost was pulled from European order books at the end of 2020. The pony car, therefore, lives on as a niche halo, not a substitute for the daily-drivable, budget-friendly thrills once delivered by ST-badged Fiestas and Focuses. Whether Ford ever revisits the hot-hatch formula likely depends on batteries, not boost pressure. Former Ford of Europe boss-now VW sales chief-Martin Sanders has hinted that the Blue Oval could tap further into Volkswagen's MEB electric platform, the foundation for the forthcoming Explorer and Capri EVs. VW has already promised an electric GTI; a battery-fueled Fiesta ST or Focus ST revival isn't unthinkable if the economics line up. For now, though, enthusiasts must look to the used market or pivot to rival brands still flying the internal-combustion hot-hatch flag. The Fiesta Supersport of 1980 lit the fuse; the Escort RS, Fiesta XR2, and decades of ST variants kept the fire roaring. With the Focus ST's curtain call, the combustion-powered Ford hot hatch becomes history. What replaces it, if anything, will almost certainly hum rather than howl. Until that day arrives, the faithful will remember the glory years and, if they're lucky, snag one of the last STs before they're gone. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Yahoo
8 hours ago
- Yahoo
China says it may speed up rare earths application approvals from EU
By Brenda Goh SHANGHAI (Reuters) -China is willing to accelerate the examination and approval of rare earth exports to European Union firms and will also deliver a verdict on its trade investigation of EU brandy imports by July 5, its commerce ministry said on Saturday. Price commitment consultations between China and the EU on Chinese-made electric vehicles exported to the EU have also entered a final stage but efforts from both sides are still needed, according to a statement on the Chinese commerce ministry's website. The issues were discussed between Chinese Commerce Minister Wang Wentao and EU Trade Commissioner Maros Sefcovic in Paris on Tuesday, according to the statement. The comments mark progress on matters that have vexed China's relationship with the European Union over the past year. Most recently, China's decision in April to suspend exports of a wide range of rare earths and related magnets has upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. The ministry said China attached great importance to the EU's concerns and "was willing to establish a green channel for qualified applications to speed up the approval process." Commerce Minister Wang during the meeting "expressed the hope that the EU will meet us halfway and take effective measures to facilitate, safeguard and promote compliant trade in high-tech products to China," according to the statement. Chinese anti-dumping measures that applied duties of up to 39% on imports of European brandy - with French cognac bearing the brunt - have also strained relations between Paris and Beijing. The brandy duties were enforced days after the European Union took action against Chinese-made electric vehicle imports to shield its local industry, prompting France's President Emmanuel Macron to accuse Beijing of "pure retaliation". The Chinese duties have dented sales of brands including LVMH's Hennessy, Pernod Ricard's Martell and Remy Cointreau. Beijing was initially meant to make a final decision on the brandy duties by January, but extended the deadline to April and then again to July 5. China's commerce ministry said on Saturday that French companies and relevant associations had proactively submitted applications on price commitments for brandy to China and that Chinese investigators had reached an agreement with them on the core terms. Chinese authorities were now reviewing the complete text on those commitments and would issue a final announcement before July 5, it said. In April, the European Commission said the EU and China had also agreed to look into setting minimum prices of Chinese-made electric vehicles instead of tariffs imposed by the EU last year. China's commerce ministry said the EU had also proposed exploring "new technical paths" relating to EVs, which the Chinese side was now evaluating.
