SYDNEY, Feb 1 - Australia's Alumina Ltd. , a unit of aluminium maker Alcoa Inc. , said on Thursday it sees capital spending at its AWAC joint venture this year at around US$1.2 billion as it invests for growth.
"We are very happy with that outlook over the next 12 months," Chief Executive John Marlay told a media teleconference. The lion's share of the funds will be spent on projects in Brazil, he said.
Earlier on Thursday the company, which is in partnership with Alcoa in the Alcoa World Alumina and Chemicals (AWAC) joint venture, said its underlying 2006 profit rose 62 percent, reflecting strong demand for aluminium and fixed-price sales of alumina.
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