A 12-month power deal has been signed, giving the Bell Bay smelter some breathing space. Photo: Ethan James/AAP PHOTOS

The immediate future of the Southern Hemisphere's first aluminium smelter is more secure, after the signing of a power agreement.

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Tasmania's Bell Bay Aluminium, which is owned by Rio Tinto, was under a cloud amid stalled discussions for a new deal with state-owned electricity provider Hydro Tasmania.

The smelter in the state's north employs more than 500 people - its decade-long deal with Hydro was set to expire on December 31.

Premier Jeremy Rockliff will continu

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