https://www.miningweekly.com

Alumina reports major losses on Point Henry close

Alumina reports major losses on Point Henry close

Photo by Bloomberg

21st August 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Aluminium major Alumina has reported a net loss of $47.4-million during the first half of the year, as a result of the closing of its Point Henry smelter, in Victoria, in February this year.

This compared with the net loss of $2.4-million reported in the previous corresponding period.

Earlier this year, Alumina's joint venture (JV) partner in Alcoa World Alumina & Chemicals (AWAC), Alcoa, announced the permanent closure of the Point Henry smelter, after global economic conditions continued to deteriorate.

“Alumina’s net loss occurred due to significant charges incurred during the half, including costs associated with the closure of the Point Henry smelter. Excluding these charges, the company would have reported a net profit of $26.8-million,” Alumina CEO Peter Wasow said on Thursday.

He noted that the AWAC JV maintained cost control during the half year, and achieved ongoing net productivity gains against a backdrop of continued weakness in alumina pricing.

AWAC’s total revenue for the first half reached $2.7-billion, compared with the $2.9-billion reported in the first half of 2013, while the JV’s earnings before interest, tax, depreciation and amortisation reached $119.2-million, compared with the A$229.8-million reported in the previous corresponding period.

“AWAC’s strategic initiatives to improve margins are on track. The Ma’aden refinery is now approximately 95% complete and while the mine is around 70% complete, it has already begun operations, providing feed stock to the refinery,” said Wasow.

The first alumina from the refinery was due in the fourth quarter of this year.

The refinery, in Saudi Arabia, would produce some 1.8-million tonnes a year of smelter grade alumina, and the project would become the world’s largest fully-integrated aluminium complex.

Edited by Creamer Media Reporter

Comments

Latest News

Richard Adkerson
US must improve copper mine permitting process, Freeport CEO says
Updated 1 hour 25 minutes ago By: Reuters

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Gold, hydrogen, mining boost make headlines
Gold, hydrogen, mining boost make headlines
15th March 2024
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.134 0.168s - 106pq - 2rq
Subscribe Now