Alumina Limited (AWC) said it has received US$58 million in dividends from US joint venture partner Alcoa, following the company's profit reporting in the US overnight. Alumina's primary asset is its 40% interest in Alcoa World Alumina and Chemicals (AWAC).
AWAC production of alumina for the first quarter was 3.7 million tonnes and production of aluminium was 87 thousand tonnes, Alcoa reported.
Meanwhile Alumina CEO, John Bevan said that alumina prices had continued to strengthen throughout the quarter, driven primarily by strong demand from China.
"Costs have been impacted by higher energy prices and a stronger Australian dollar,” Mr Bevan said.
Restructuring costs noted by Alcoa Inc included a US$14 million pre-tax write off for the AWAC fluoride assets at Point Comfort.
At the close Monday, Alumina shares were trading at $1.88.
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