Modernising Agreements and Transition to Renewables
New coal-powered smelting likely to be challenged
Total metal required*
Mt
Aluminium smelter all-in cash costs
(Real US$2021 per tonne)
3.3%
122
111
43
88
36
CAGR:
5.5%
25
Hydro
Coal
Carbon costs
3,370
Power costs
Other costs
2,630
1490
750
1,650
1,420
1,520
770
770
1,190
100
290
200
290
700
79
75
CAGR:
2.3%
330
63
Recycled
Primary
2021e 2030
$50/t
2030
$100/t
2021e
2030
$50/t
2030
$100/t
2020
2025
2030
Carbon price
assumption
Sources: Rio Tinto Market Analysis, CRU *Global semis production including melt loss
Rio Tinto ©2021, Rio Tinto, All Rights Reserved
All non-carbon costs are regional weighted averages from CRU, 2021 (long-run uses 2030 costs). Hydo
costs are based on a weighted average of Canadian smelters. Coal costs are based on a weighted
average of Chinese smelters from Shandong, Shanxi, Xinjiang and Inner Mongolia.
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