05:25 PM EDT, 07/02/2025 (MT Newswires) -- Rio Tinto-backed (RIO) Aluminerie Alouette plans to invest up to 1.5 billion Canadian dollars ($1.1 billion) to modernize its facilities in northern Quebec, Bloomberg reported Wednesday, citing people familiar with the matter.

The aluminum company, owned 40% by Rio, recently secured a new electricity supply agreement with Hydro-Quebec, the utility run by the province, the report said.

Aluminerie Alouette declined to comment and said an official announcement is expected for Friday, Bloomberg reported.

Rio Tinto and Aluminerie Alouette didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)