Alumina Limited is a public company listed on the Australian Securities Exchange (ASX). It was formed in 2003 in a demerger from Western Mining Corporation, and is one of the top 100 companies on the ASX (by market capitalization).
Alumina’s only business activity is as the owner of a 40% share in a joint venture with Alcoa called Alcoa World Alumina and Chemicals (AWAC). AWAC’s business is the mining of bauxite, the extraction of alumina (aluminium oxide) and the smelting of pure aluminium. It has about 17% of the global alumina market. Alcoa owns the remaining 60% of the business and acts as day-to-day manager.
In Australia, AWAC trades as Alcoa of Australia (AoA), which owns two bauxite mines and three refineries (to extract aluminium oxide from bauxite) in Western Australia and owns a smelter (to extract pure aluminium metal) and has a controlling interest in another in Victoria.
AWAC also has operations or interests in Texas, Suriname, Jamaica, Brazil, Spain, Guinea, and owns Alcoa Steamship.
Alumina’s Chief Executive Officer is Mike Ferraro and the board is chaired by Peter Day.
Given that the management of Alumina’s assets is performed entirely by other companies, their extensive governance structure and regular board meetings have attracted adverse comment. Internet publication Crikey describe Alumina’s board as “corporate Australia’s cosiest and most expensive lunch club”.
Alumina Limited formally delisted from the ‘New York Stock Exchange’, prior to the opening of trading in February 2014. This was because they were already in an American Stock Exchange (OTC Markets Group). Hence they were only present in the Australian Securities Exchange (ASX).
Traded as: ASX: AWC
Industry: Mining
Founded: 2003
Headquarters: Southbank, Melbourne, Victoria, Australia
Products: Aluminium
Website: www.aluminalimited.com