Alcoa Inc. (AA), the largest U.S. aluminum producer, received a 50-year extension to its coal mining license in Australia’s Victoria state, ensuring fuel to power its Point Henry aluminum smelter.
Alcoa will be allowed to expand the size of its mine by 59 percent over the period to 665 hectares (1,643 acres) under an agreement reached yesterday with the state government, according to a statement on the Department of Primary Industries’s website.
The Anglesea coal mine feeds a power station that provides about 40 percent of the electricity needs of the Point Henry aluminum smelter and associated rolling mill, the company said in a statement on its website. Alcoa, which got the mining license in 1961, began negotiating to extend it in 2008, it said. Alcoa got 14 percent of its revenue from Australia last year, according to data compiled by Bloomberg.
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