The Australian reported that Alumina Limited has netted USD 41 million from its JV with Alcoa. This comes after the US based giant posted strong Q3 earnings on higher pricing and demand.
ALCOA which kicked off the earnings season in the US, posted Q3 profit of USD 61 million down from USD 77 million a year earlier.
Alumina, which owns 40% of Alcoa World Alumina and Chemicals, said that the USD 41 million was from dividends from AWAC. Alcoa also raised its full year outlook for global aluminium consumption to 13% growth from its previous forecast of 12%. The latest results included a one off US3c charge for special items including the ramp up of an alumina refinery in Brazil.
Mr John Bevan CEO of Alumina said that good progress was being made towards the goal of reaching design capacity at the Brazilian refinery by year end.
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