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Alumina's AWAC earnings up in Sept quarter

AAP logoAAP 11/10/2016

Miner and metals producer Alumina has received $US91.8 million ($A121.5 million) by way of dividends, distributions and capital returns during the September quarter as its share from the AWAC joint venture with Alcoa.

The Australian company holds a 40 per cent stake in the JV.

AWAC's quarterly production of alumina was unchanged from the previous quarter's 3.2 million tonnes.

"Since the end of September, we have seen some rebound from the recent lows in API (alumina price index) prices which had reduced margins in the third quarter," Alumina chief executive Peter Wasow said.

"The positive impacts of portfolio restructuring and cost improvements have continued to drive cash generation in AWAC.

Overnight, Alcoa reported a lower-than-expected quarterly profit, stung partly by falling alumina prices. Its alumina segment income slipped to $US72 million, compared to $US109 million in the preceding quarter.

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