Alumina Ltd
(ASX:AWC) says it has received US$58 million in dividends from joint venture partner Alcoa Inc
(ASX:AAI) in the first quarter following the release of Alcoa’s earnings in the US overnight.
Alcoa posted a loss of US$201 million for the first quarter on hefty one-off charges.
The result however, is an improvement on the massive US$497 million loss reported last year.
Alumina production from the joint venture, Alcoa World Alumina and Chemicals, came to 3.7 million tonnes for the first quarter, and production of aluminium was 87, 000 tonnes.
Alumina holds a 40% interest in Alcoa World Alumina and Chemicals.
CEO John Bevan says Alumina prices have continued to strengthen throughout the quarter, driven primarily by strong demand from China.
Mr Bevan says costs have been impacted by higher energy prices and a stronger Australian dollar.
Restructuring costs noted by Alcoa include a US$14 million pre-tax write off for the joint venture’s fluoride assets at Point Comfort.
Alumina’s 2009 loss came to $26 million.
