Approved · Waiver · decided in 13 days, 30 June 2026
UnclassifiedWA-35027ACCC register
GPS Energy Pty Limited, a Rio Tinto Aluminium (Holdings) Limited subsidiary, acquired Ryowa II GPS Pty. Limited's 7.125% minority interest in the Gladstone Power Station Joint Venture. This asset acquisition increases GPS Energy's stake in the Queensland coal-fired power station, which supplies the Boyne Island Aluminium Smelter and National Electricity Market.
GPS Energy Pty Limited ( GPS Energy ), a wholly owned indirect subsidiary of Rio Tinto Aluminium (Holdings) Limited ( RTAHL ), proposes to acquire the 7.125% minority interest held by Ryowa II GPS Pty. Limited ( Ryowa ) in the Gladstone Power Station Joint Venture ( GPS JV ). The GPS JV is an unincorporated joint venture that owns and operates the Gladstone Power Station ( GPS ), a coal-fired power station located in Gladstone, Queensland. The GPS generates electricity that is primarily supplied to Boyne Island Aluminium Smelter ( Smelter ), as well as the National Electricity Market via its market facing participant, CS Energy Limited, a Queensland government owned corporation. The GPS JV currently has 7 participants: GPS Energy (22.125%), GPS Power Pty. Limited (20.00%) (also a wholly owned subsidiary of RTAHL), Sunshine State Power B.V. (20.00%), Sunshine State Power (No. 2) B.V. (17.50%), Southern Cross GPS Pty Ltd (8.50%), Ryowa (7.125%), and YKK GPS (Queensland) Pty Ltd (4.75%). Following completion of the Acquisition, GPS Energy's interest in the GPS JV will increase from 22.125% to 29.250% (and RTAHL's overall interest will increase from 42.125% to 49.250%), and Ryowa will cease to be a participant in the GPS JV. The remaining participants and their respective interests in the GPS JV will be unchanged. Rio Tinto Aluminium Limited ( RTAL ) is a wholly owned subsidiary of RTAHL and holds a majority interest in Boyne Smelters Limited ( BSL ), the incorporated joint venture that owns and operates the Smelter. RTAL and RTAHL are subsidiaries of Rio Tinto Limited.