12.15PM: Budj Bim should be recognised as an international treasure, according to Premier Daniel Andrews. Read more.

11.30AM: The Portland community is celebrating after receiving news an agreement to secure the future of its Alcoa-run aluminium smelter for four more years had been reached.

The federal government will put in $30 million to ensure the smelter, which supports close to 2000 direct and indirect jobs, continues operating until June 30, 2021.

If the smelter closes before that date, the money must be repaid.

The amount the state government has contributed towards the deal was not disclosed.

Prime Minister Malcolm Turnbull, who was in Portland for the announcement, said it was a "great day for Australian jobs".

Premier Daniel Andrews said his government would continue to grow jobs and create new opportunities in Portland.

"We promised Portland workers we would leave no stone unturned in our efforts to keep the smelter open - and we have delivered certainty to thousands of local workers and their families," he said.

A deal between AGL and Alcoa to secure the smelter's energy supply has also been struck.

9.56AM: Dan Tehan had this to say to the “naysayers” who thought it would be easier to close the smelter – “I hope your soy lattes are tasting very very ordinary this morning.”

9.55AM: Mr Tehan thanked everyone for their hard work on securing the deal. “People have been working their butts off.”

9.54AM: If we can continue to put the community first I am confident about the future of this smelter for many years to come, according to Mr Tehan.

9.53AM: A community first approach is what has been achieved, according to Dan Tehan.

9.52AM: Work on the clean up will start as soon as I finish talking here, joked Mr Andrews to staff.

9.51AM: “This is one of the most efficient smelters anywhere in the world,” according to Mr Andrews.

9.49AM: Premier Daniel Andrews has revealed the deal has cost a lot of money, but told Alcoa staff they are worth every cent.

9.48AM: “It’s a great day for Portland, it’s a great day for Australian jobs,” Mr Turnbull said.

9.46AM: The federal government will chip in $30 million to secure the smelter’s future for the next four years.

9.46AM: “Dan (Tehan) has been passionate about Portland Aluminium,” Mr Turnbull said.

9.45AM: “We’re standing up for Australian jobs,” according to Mr Turnbull.

9.44AM: The stoppage and power issues should not have happened, according to Mr Turnbull.

9.43AM: Prime Minister Malcolm Turnbull has announced a deal to secure the future of “Victoria’s largest exporter.”

The Prime Minister has released a statement. 

READ IT HERE:

The Turnbull Government welcomes the announcement today that the Alcoa Portland Aluminium Smelter will remain open into the next decade. This is great news for the workers at the Alcoa smelter and the community of Portland.

A power supply failure to Alcoa last month caused damage to production lines and significantly reduced the operating capacity of the smelter.

The Turnbull Government is providing significant financial support to secure jobs at Alcoa and provide certainty for workers, with a $30 million direct grant to restore operations.

The financial support is conditional on operations at the smelter continuing until at least 30 June 2021 and maintaining production to at least 90 per cent of pre-outage levels.*

The funds are available for capital improvements, maintenance and repairs to damage caused by the outage.

The Turnbull Government has been in constant discussions with Alcoa since the outage. This included travelling with the Victorian Government to New York to meet with the company’s global head to reiterate the importance of the smelter’s operations for the 2000 direct and indirect jobs it supports.

The Turnbull Government will also work with Alcoa to seek a commercially viable long term solution for the smelter.

Alcoa has been in negotiations for a new power supply agreement and we welcome news that this has now been finalised with AGL. We also welcome the support provided by the Victorian Government.

The power outage at Alcoa highlights the importance of energy security and affordability for Australia’s manufacturing industries. The Turnbull Government is committed to working with the states to achieve this.

We have been working closely with Alcoa, AGL, the AWU and the Victorian Government, and thank and congratulate all parties for reaching agreements that will help to protect jobs in Portland.

We look forward to continuing to work together to secure the future of the smelter through the 2020s.

9.30AM: Alcoa staff are gathered for the Prime Minister’s announcement.

9.30AM: Alcoa has revealed work to restart its smelting capacity that was lost due to the fault on the state’s transmission network in December is expected to take six months.

9.15AM: Alcoa has released a statement ahead of this morning’s announcement.

READ IT HERE:

New York, January 19 and Australia, January 20, 2017 – The Victorian and Australian governments and Alcoa Corporation (NYSE: AA) today announced the Portland Aluminium smelter will restart capacity that had been lost due to a December power outage. In addition, Alcoa and energy provider AGL reached an agreement related to the electricity supply for the smelter.

The four-year agreements with the governments and AGL will better position Portland Aluminium against market fluctuations and help maintain more than 500 jobs at the smelter.

“The Victorian State and Australian Federal governments are strong proponents of the Portland Aluminium smelter, our employees, their families and the broader Portland community, and we thank them for their unwavering support,” said Roy Harvey, Chief Executive Officer of Alcoa. “Today’s government and energy agreements will help make the Portland smelter more resilient against market volatility, maintain hundreds of jobs and provide a bridge to a potential long-term energy solution.”

Alcoa of Australia Chairman and Managing Director Michael Parker added: “The recent displays of support have been outstanding, and our sincere thanks go to everyone who has worked with us to make these agreements possible. I acknowledge in particular the State of Victoria for its determination and tireless support and the Australian Federal government in helping us achieve this positive outcome for the Portland community. To our employees, your hard work to stabilise the plant and your flexibility in taking annual leave after the outage is greatly appreciated. Our focus now will be on restoring capacity quickly and safely.”

Alcoa will immediately begin work to restart smelting capacity that was lost due to the fault on the Victorian transmission network in December, which caused a five-hour power outage at the smelter. Restoring the curtailed production is expected to take approximately six months. Prior to the electrical fault, the smelter had been operating at nearly 85 percent of its nameplate capacity of 385,000 metric tons per year.

Terms of the electricity agreement with AGL were not disclosed.

As previously announced, the power outage at Portland Aluminium smelter is not expected to have a significant, unfavorable impact on fourth quarter results.

Portland Aluminium is an unincorporated joint venture between Alcoa of Australia Limited (55 percent), CITIC Nominees Pty Ltd (22.5 percent), and Marubeni Aluminium Australia Pty Ltd (22.5 percent). Alcoa of Australia Limited is owned 60 percent by Alcoa Corporation and 40 percent by Alumina Limited.

On November 1, Alcoa Corporation announced it had completed the separation from its parent company Alcoa Inc. (now named Arconic Inc.) and began operating as an independent, publicly-traded company.

9.10AM: The Andrews Labor Government has reported it has reached a breakthrough agreement with Alcoa to secure jobs for thousands of Victorians.

A statement reveals the state government has worked with Alcoa and the federal government towards a solution.

“This win for Portland comes after months of negotiations, including trips by the Minister for Industry, Employment and Resources Wade Noonan to meet with Alcoa’s global chief in New York,” the statement says.

“In parallel, Alcoa and AGL have finalised a deal to secure the smelter’s energy supply.”

“We promised Portland workers we would leave no stone unturned in our efforts to keep the smelter open – and we have delivered certainty to thousands of local workers and their families,” Mr Andrew said. 

9AM: Prime Minister Malcolm Turnbull is expected to make an announcement about Alcoa in 15 minutes.

8.30AM: 

8AM: The Prime Minister’s announcement may be delayed. We will bring it to you live as soon as it starts.

Prime Minister Malcolm Turnbull flew into Portland on Thursday night. He is tipped to make an announcement about the city’s aluminium smelter. Read more.

Mr Turnbull set aside time to catch up with members of the Young Professionals Network Portland on Thursday night.

Premier Daniel Andrews is expected to break his holidays to fly to Portland to join the Prime Minister today. Read more.