METLEN Energy & Metals Secures Long-Term Strategic Agreements with Rio Tinto in 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.
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'Nevertheless, 'equilibrium' output cannot be measured accurately. 'At the same time, a 2pc inflation rate prevailing over (say) four years is mathematically as 'stable' as (say) a 4pc inflation rate prevailing over four years.' 04:34 PM BST Bessent denies pressuring the Fed to cut rates Scott Bessent has denied pressuring the Fed to make rate cuts, hours after wholesale inflation data was unexpectedly high. The US Treasury secretary told Fox Business: 'I didn't tell the Fed what to do. 'What I said was that to get to a neutral rate on interest, that would be an approximately 150 basis point [1.5 percentage point] cut. I did not call for them to get there.' Economists define a neutral rate of interest as one that allows full employment and stable inflation. 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Matthew Martin, at Oxford Economics, said: 'Tariff-exposed goods are rising at a rapid clip, indicating that the willingness and ability of businesses to absorb tariff costs may be beginning to wane.' 03:51 PM BST Wall Street recovers following inflation setback Stocks have been recovering on Wall Street after being hit earlier this afternoon by today's inflation data. The benchmark S&P 500 index is flat, having fallen as much as 0.4pc. The Dow Jones Industrial Average is down having fallen 0.5pc, while the tech-heavy Nasdaq is up 0.2pc, having been down 0.4pc earlier this afternoon. The inflation data forced traders to second guess their widespread consensus that the Federal Reserve will deliver some relief next month by cutting interest rates. Lower rates can boost investment prices and the economy by making it cheaper for US households and businesses to borrow to buy houses, cars or equipment, but they also risk worsening inflation. 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The energy sector was the main drag on the FTSE 100, which Harbour Energy falling 4.6pc and oil majors Shell and BP each dropping more than 1pc. Among individual stocks, British Gas owner Centrica rose 2.9pc after announcing it will jointly buy Britain's biggest gas import terminal from National Grid on the Isle of Grain in Kent for £1.5bn. Insurer Aviva jumped 3.5pc to a 17-year high after raising its interim dividend and reporting a 22pc rise in half-year operating profit. 11:46 AM BST Britain's growth per head lags behind Italy Whether Sir Keir Starmer has met his pledge to have the fastest growing economy in the G7 depends on how you cut the numbers. After the 0.3pc expansion in the second quarter, Britain's overall GDP growth during the first half of the year was the fastest in the group of advanced economies, rising by 1.1pc, ahead of the US and Canada at 0.6pc and France on 0.4pc. However, when measuring on GDP per capita, Britain lags behind Japan, the US and even Italy. A higher GDP per capita generally suggests a higher average income and a greater capacity for a country to provide for its citizens. One accusation made against governments in recent years has been that GDP growth has been propped up by rising migration. Pranesh Narayanan of the IPPR think tank said GDP per capita was a better way of measuring economic benefit but said it was hard to 'project what is going to happen', pointing to uncertainty in the US and Europe. He said: 'Population projections are set to go down and there will be a slowing down of migration flows in the data. 'That is also going to mean that those per capita growth figure does improve. If you have got higher growth rates also now through some of the policy initiatives that Labour have done, you can see how it is possible for GDP per capita to increase. 'But it is all uncertain how it plays out.' 11:15 AM BST Brexit benefit as UK growth outstrips EU Britain's growth more than halved in the second quarter but it remained ahead of the eurozone, latest figures show. GDP in the single currency bloc rose by 0.1pc in the second quarter of the year. Economist Julian Jessop said was an example of a 'Brexit benefit' as the UK was less exposed to the impact of Donald Trump's tariff war. 10:51 AM BST The dangerous driver behind Britain's growth Britain has become dangerously reliant on public spending to fuel the economy. Growth slowed in the three months to June, with the economy expanding by 0.3pc compared with 0.7pc in the first quarter of 2025. However, it is still better than the 0.1pc expected by analysts and a figure that will be welcomed by Rachel Reeves, with GDP per person – a proxy for living standards – also seeing growth in the first half of this year. However, scratch below the surface and it's clear that the factors behind this growth are unsustainable. 10:34 AM BST Consumers reluctant to open their wallets, warn economists Consumers are showing signs of 'reluctance', economists have warned after the latest slowdown in UK growth. The ONS said household spending growth was weak in the three months to June, up just 0.1pc. Meanwhile, business investment fell by 4pc from the first quarter. Thomas Pugh, economist at accountants RSM UK, said: 'The continued reluctance of consumers to open their wallets is concerning. 'We don't expect growth to pick up much from here as continued consumer caution, weaker global demand and tax increases all continue to drag.' 10:10 AM BST Starmer's pre-election growth pledge under threat Sir Keir Starmer's pledge to make Britain the fastest-growing economy in the G7 has been put at risk by the latest slowdown in GDP. The Prime Minister made the promise before the election last year but has since watered down the target to an 'aim'. Britain's economy grew by 0.3pc in the second quarter of the year, according to the ONS, which was sharply lower than 0.7pc recorded in the first three months of 2025. Simon French, chief economist at Panmure Liberum, said Britain was 'middle of the pack' a year into the Labour government, with 0.7pc growth per capita. He said the trend 'has been on an improving profile in the first half of the year as population growth slows and aggregate GDP growth picked up'. Sanjay Raja, chief UK economist at Deutsche Bank, said Britain was 'on course to become the second fastest growing economy in the G7 (after claiming the top prize in the first quarter of 2025)', missing Sir Keir's target. 09:45 AM BST Debt-laden Italy now better for living standards than Britain Britain's living standards fell behind those in Italy for the first time since 2001 in a fresh blow to Rachel Reeves's efforts to boost economic growth and renew the nation's competitiveness. Slow growth, rising worklessness and high inflation are all damaging Britain, raising fears that the UK is losing its status as a rich nation at the same as Italy shakes off its image as an economic basket case. Once adjusted for the cost of living, GDP per capita – a critical measure of wellbeing, and a favoured target of Sir Keir Starmer's Government – is now higher in Italy than Britain. 09:24 AM BST Economic growth beat expectations, insists Reeves Rachel Reeves has said that today's GDP figures 'show that the economy beat expectations in the second quarter of this year'. Speaking at a construction site in Doncaster, the chancellor said 'there's still more to do to make sure that people in all parts of the country benefit' from growth. She said: 'We are the fastest-growing economy in the G7 for the first half of this year, with a GDP growth of 0.3pc this quarter, and that's after GDP growth of 0.7pc the quarter before that. 'I recognise there's still more to do to make sure that people in all parts of the country benefit from that growth, but since the general election, when I became chancellor, the economy has grown by 1.2pc and GDP per capita – so for every person in the country – GDP per capita is up by 0.7pc. 'So, encouraging numbers today but, of course, we need to build on that to make sure people in all parts of the country are better-off.' 09:09 AM BST 'Stuttering' economy has lost momentum, say analysts Britain's economy has 'anaemic growth with little sign of improvement', according to analysts. Michael Brown of Pepperstone said the ONS figures 'pointed to the economy having lost momentum once again in the three months to June'. Samuel Edwards of payments firm Ebury said: 'Today's figures show an economy stuttering in the face of considerable uncertainty.' Lindsay James, an analyst at Quilter, said the 'encouraging growth seen in the first quarter was somewhat of a mirage and unlikely to be repeated anytime soon'. He said: 'GDP growth in the second quarter has dropped to 0.3pc, and the UK appears to be stuck back where it was – anaemic growth with little sign of improvement. Although today's GDP data is slightly better than expected and June's growth came in at 0.4pc, figures released earlier this week highlight where a lot of the issues lie. 'The labour market is weakening, the Government appears to be planning for additional tax hikes in the autumn and global factors make business planning difficult. 'None of these issues carry easy fixes and there are very few short-term solutions. With global growth set to slow at the same time as this slowdown in the UK, the picture is only becoming more challenging. 'Investors too continue to be fairly pessimistic on UK growth despite that stellar first quarter. In our own survey of global fund managers, expectations for real GDP growth in the UK for 2025 sit at 0.9pc, suggesting that very little growth will be eked out in the second half of this year.' 08:44 AM BST Watch: Reeves admits economy 'trapped in a cycle of low growth' Rachel Reeves admitted Britain's economy has 'got stuck' in a video released after data showing growth more than halved in the second quarter of the year. The chancellor said the economy had been 'trapped in a cycle of low growth, repressed investment and stagnant incomes'. She said there is 'more to do' and nodded to her upcoming Budget in the autumn, insisting she does not 'accept that decline is inevitable'. She is expected to raise taxes at the fiscal event to steady the public finances. 08:33 AM BST Britain faces tax rises as growth halves Britain will face tax rises in the autumn following the latest growth figures, economists have warned. GDP expanded by 0.3pc in the second quarter, which was better than than analysts had forecast, although less than half the growth of 0.7pc in the first three months of the year. Ruth Gregory, deputy chief UK economist at Capital Economics, said the 'new-found momentum will soon fade'. She said: 'We doubt the economy will maintain this pace of growth in the third quarter. 'The weak global economy will remain a drag on UK GDP growth for a while yet. 'The full drag on business investment from April's tax rises has yet to be felt. And the ongoing speculation about further tax rises in the Autumn Budget will probably keep consumers in a cautious mood.' She added: 'With policy choices and higher market rates eroding the Chancellor's already-slim fiscal headroom, we doubt this will be enough to prevent tax rises in the Autumn Budget.' 08:18 AM BST Government spending is main driver of economic growth Government spending was the biggest contributor to Britain's economic growth in the second quarter of the year The Office for National Statistics said government spending rose by 1.2pc compared to the previous three months. Deutsche Bank's chief UK economist Sanjay Raja said 'there's much to be desired' from the underlying growth data. He said: 'Public consumption and investment shot up 2pc on the quarter and was the largest contributor to GDP (adding 0.5pp to quarterly GDP). 'We also saw a further build up of inventories in spring as President Trump's trade war began – stocks added 0.2 percentage points to GDP growth. 'And most surprisingly, net trade was also a positive contributor to growth, outpacing almost all expectations.' He added: 'To be sure, the economy is growing. Positive momentum is brewing. But animal spirits remain tepid. 'While the chancellor is poised to focus her Budget on improving productivity – a very welcome focus for the UK – Number 11 should also prioritise lifting household and business confidence to sustain the UK's outperformance.' 08:05 AM BST UK stocks slump as growth halved The FTSE 100 slipped at the open after Britain's economic growth was cut in half in the second quarter of the year. The UK's flagship stock index dropped 0.3pc to 9,134.72 after the latest GDP figures, which were better than analysts had forecast. The better-than-expected growth meant traders reduced bets on the Bank of England cutting interest rates. The mid-cap FTSE 250 declined by 0.2pc to 21,816.44. 07:58 AM BST Traders scale back bets on interest rate cuts Money markets indicate there is less chance that the Bank of England will cut interest rates again before the end of the year after the latest UK growth figures. Traders are betting that there is a 66pc chance that policymakers will lower borrowing costs again over the next three meetings, compared to odds of 79pc at the start of the week. 07:48 AM BST Growth figures 'not good enough' Economists appeared divided on how to read the latest growth data from the ONS. Simon French of Panmure Liberum said Britain had enjoyed 'decent' growth in June, which deliver growth of 0.3pc for the second quarter. Mohamed El-Erian of Allianz said the data was 'relatively upbeat' but Julian Jessop of the Institute of Economic Affairs warned it was 'good news, but not good enough'. He said Britain's economy remained 'too weak to fix the public finances, and there are already signs that momentum is fading again as a tight Autumn Budget looms'. 07:38 AM BST Pound rises as growth better than expected The value of the pound rose after Britain's economy performed better than expected in the second quarter of the year. Although economic growth more than halved from the previous quarter to 0.3pc, this was better than the miserly 0.1pc that had been forecast by analysts. Sterling rose 0.2pc against the dollar to $1.359 and gained 0.1pc versus the euro to €1.161 as the stronger growth made interest rate cuts by the Bank of England less likely. ICAEW economics director Suren Thiru said: 'While these stronger than expected figures may not ease concerns among rate-setters over the health of the UK economy, a September interest rate cut remains implausible given mounting concerns over rising inflation.' He added: 'The economy lost some momentum in the second quarter as several sectors weakened under pressure from 'awful April's' surge in costs and the explosion of global trade turbulence, despite a robust return to growth in June. 'Following the bumper first three months of 2025, this second quarter slowdown offers a more authentic insight into the UK's underlying growth path given persistent problems with anaemic productivity and poor public finances. 'The UK's economic performance in the third quarter may be similarly modest with higher inflation and anxiety over more tax hikes in this Autumn's Budget likely to mean more caution on spending, despite lower interest rates.' 07:29 AM BST Britain avoids contraction after strong June A strong June saved the chancellor was saved from an overall downturn in economic growth during the second quarter of the year. UK GDP expanded by 0.4pc during the month, which was better than the 0.2pc projected by economists. It came after the economy contracted by 0.1pc in May and by 0.1pc in April. The April figure was revised higher from a previous estimate of a 0.3pc decline. 07:23 AM BST Reeves says 'more to do' on economy Rachel Reeves said there is 'more to do' to boost the economy after growth more than halved in the second quarter of the year. The chancellor said: 'Today's economic figures are positive with a strong start to the year and continued growth in the second quarter. But there is more to do to deliver an economy that works for working people.'I know that the British economy has the key ingredients for success but has felt stuck for too long.'That is why we're investing to rebuild our national infrastructure, cutting back on red tape to get Britain building again and boosting the national minimum wage to make work pay. There's more to do and today's figures only fuel my ambition to deliver on our Plan for Change.' 07:21 AM BST Trump tariffs distorted prior growth figures, says ONS Donald Trump's tariff campaign artificially boosted growth in the first quarter of the year, the Office for National Statistics said, as the economy slowed down in the three months to June. ONS director of economic statistics Liz McKeown said: 'Growth slowed in the second quarter after a strong start to the year. 'The economy was weak across April and May, with some activity having been brought forward to February and March ahead of stamp duty and tariff changes, but then recovered strongly in June. 'Across the second quarter as a whole growth was led by services, with computer programming, health and vehicle leasing growing. 'Construction also increased while production fell back slightly. 'Growth for the quarter was also boosted by updated source data for April, which while still showing a contraction, was better than initially estimated. 'Services also drove growth in June with scientific R&D, engineering and car sales all having a strong month. 'Within production, which recovered, manufacture of electronics performed especially well.' 07:04 AM BST Good morning Thanks for joining me. Britain's economic growth was cut in half in the second quarter of the year, official figures show, as businesses grappled with the effects of Rachel Reeves's tax raid. Gross domestic product (GDP) – the closely watched measure of economic growth – weakened from 0.7pc in the first quarter to just 0.3pc in the three months to June, according to the Office for National Statistics (ONS). The performance was better than analyst projections of a decline to 0.1pc. The slowdown in Britain's economy comes after the chancellor imposed increases in national insurance contributions on employers in April, as well as rises in the national minimum wage. Ms Reeves will use her upcoming Budget to try to raise Britain's dire productivity growth, which has fallen sharply since the financial crisis and threatens to blow an even bigger hole in the public finances. The decline in growth was also partially due to the unwinding of an economic surge in the three months to March as companies stockpiled goods and completed deals rapidly ahead of Donald Trump's tariff tirade. The US president promised to unleash a wave of 'reciprocal' tariffs on trading partners from April, causing turmoil in financial markets before the levies were suspended. Here is what you need to know. 5 things to start your day Debt-laden Italy now better for living standards than Britain | Giorgia Meloni's reforms are making Italy attractive to those fleeing British taxes Cost of first reservoir in 30 years trebles to up to £7.5bn | Thames Water customers face higher bills because of Oxfordshire project Claire's Accessories on brink of collapse with 2,100 jobs at risk | Retailer appoints administrators and cancels online orders in fresh blow to ailing high streets Reverse non-dom crackdown to get Britain building, Reeves urged | Balfour Beatty's outgoing chief says UK is missing out on chance to attract wealthy investors Jeremy Warner: Trump's stooge has a crazy plan to weaken the dollar | The president's pick as Federal Reserve governor seeks to downgrade America's reserve currency status What happened overnight Bitcoin hit a new peak during Asian trading hours as the yen surged after the US treasury secretary said he expects Japan to hike interest rates. The cryptocurrency rose above its previous July record, briefly exceeding $124,500 before retreating. Bitcoin's value has recently soared, fuelled by US regulatory changes under Donald Trump, a strong backer of the crypto sector. Japan's currency rose significantly against the dollar, climbing to its highest level since late July after US treasury secretary Scott Bessent said he had told the Bank of Japan (BoJ) governor that it was 'behind the curve' in its fight against inflation. The Bank of Japan, which has long maintained a negative interest rate policy, began monetary tightening in 2024. Tokyo's Nikkei 225 fell 1.4pc to 42,657.94 as investors sold to lock in recent gains that have taken the benchmark to all-time records. On Wall Street, the benchmark S&P 500 and the Nasdaq Composite indexes scored record highs for the second day in a row, while the Dow Jones Industrial Average finished stronger. The Dow gained 1pc, to close at 44,922.27, the S&P 500 rose 0.3pc, ending at 6,466.58, and the Nasdaq added 0.1pc, to 21,713.14. In the bond market, the yield on benchmark 10-year US Treasury notes fell to 4.245pc, from 4.290pc on Tuesday night. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
NBC News
6 hours ago
- NBC News
Smotrich says new Israeli settlement ‘definitively buries the idea of a Palestinian state'
Israel's far-right Finance Minister, Bezalel Smotrich announced work would begin on the long-delayed Maale Adumim settlement in the occupied West Bank, leaving European leaders no Palestinian state to recognize. The plan had been coordinated with the Trump administration, he added.
