May 20 (Reuters) - Alumina Ltd (AWC) :
- FINANCIAL PERFORMANCE IN Q1 OF 2020 WAS POSITIVE
- SAYS AWAC 'S SUSTAINING CAPITAL REQUIREMENTS HAVE INCREASED IN 2020
- ALUMINA PRICES ONLY NEGATIVELY AFFECTED BY COVID-19 TOWARDS END OF QUARTER
- BOARD TO CLOSELY REVIEW CIRCUMSTANCES IN DETERMINING DIVIDENDS AND DEBT LEVELS FOR 2020
- PORTLAND SMELTER IN VICTORIA HAS POWER AGREEMENTS IN PLACE TO OPERATE UNTIL AT LEAST MID-2021
- AWAC INTEREST IN PORTLAND SMELTER WILL BE A FOCUS FOR CO OVER NEXT YEAR
- AWAC HAS PUT ON HOLD ALL GROWTH CAPEX FOR REST OF 2020, REDUCING SPEND BY ABOUT $30 MILLION
- STILL FINANCIALLY VIABLE FOR SMELTERS TO PRODUCE ALUMINIUM & STORE IT IN WAREHOUSES WITH FORWARD SALES
- LOWER INPUT COSTS ARE DRIVING REDUCTION IN GLOBAL ALUMINA PRODUCTION COSTS IN 2020
- FURTHER MEASURES TO REDUCE WORKING CAPITAL AND OVERHEADS ARE ALSO IN PLACE
- ON ALUMINA, AWAC CASH COST OF PRODUCTION FOR Q1 OF 2020 WAS $199/TONNE
- SUSTAINING CAPEX FOR AWAC REFINERIES EXPECTED TO BE ABOUT $90 MILLION IN 2020
- IMPACTS ON ALUMINIUM & ALUMINA INDUSTRY FROM COVID 19 MAY BE AS PROFOUND AS GLOBAL FINANCIAL CRISIS OR MORE SO
- TARGETING TO REDUCE EMISSIONS FROM REFINERIES FROM CURRENT LEVELS BY ABOUT 12% BY 2030
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