Pittsburgh-based Alcoa Corporation expects lower grades at its South West bauxite mines to cost it almost $15 million next quarter, while confirming its Kwinana curtailment.
Alcoa's proposed takeover of its joint venture partner Alumina Limited has cleared another hurdle after its stockholders voted to support the $3.4 billion deal.
The chair of Alcoa takeover target and Australian joint venture partner Alumina Limited has called for better balance between approvals and environmental protection, following a difficult year in Western Australia.
Alcoa has progressed its $3.4 billion acquisition of Alumina Limited, amending the terms to cover CITIC affiliates obtaining a small percentage of non-voting shares.
Alumina has entered into a binding scheme implementation deed with joint venture partner Alcoa, which intends to acquire the company in a deal worth $3.4 billion.
Major aluminum producer Alcoa has inked a $3.4 billion deal to acquire Alumina Limited in a move it says “reaffirms” its commitment to WA after confirming it would cease production at its Kwinana refinery.
US-listed Alcoa Corporation will increase the amount it spends on alumina product by around 50 per cent in 2024, as it covers the output of its Kwinana refinery closure.
ANALYSIS: Alcoa opened its Kwinana alumina refinery 60 years ago and that goes a long way to explaining why the US company decided to shut down the operation.
Alcoa Corporation has confirmed it will cease production at its Kwinana refinery this year, as it grapples with a series of challenges at its oldest WA processing operation.
Alcoa Corporation's ASX-listed joint venture partner Alumina entered a trading halt this morning, as speculation swirled around the future of the 60-year-old Kwinana refinery.
ASX company Alumina Ltd has revealed the financial woes facing its partner Alcoa, with their joint venture suffering a $US67 million loss as they battle regulatory issues in WA.
Alumina Ltd plans to raise up to $910 million through a pro rata entitlement offer to fund expansion plans for its joint venture projects in Brazil to meet growing global demand.
The state gas crisis is expected to cut Alumina Ltd's underlying earnings by $31 million for the June quarter after the company revised down the impact for the month of June.
