Ann: Investor Webinar Presentation, page-142

Found this spec for Smelter Grade Alumina (SGA). Essentially a 2N or 99.0% alumina product. They key is the low impurities. So ADN would need to match in a similarly-speed product.



Other specs is here:

(Seems that another name is Calcined Alumina and there are various grades)

https://nalcoindia.com/business/products/alumina-hydrate/calcined-alumina/
https://static1.squarespace.com/sta...964050876/Alchemy-PDS-Calcined-Alumina_v2.pdf

The below Alumina pricing is from:

https://www.asx.com.au/asxpdf/20220421/pdf/4585nyz2chw50l.pdf

(and prices are in USD, with USD $498/t = ~ AUD $660 at a conservative exchange rate 0.75)


and from:

https://www.asx.com.au/asxpdf/20220222/pdf/4566wx8p30q7nc.pdf



and Alumina are producing currently at US $288/t.

https://www.asx.com.au/asxpdf/20220421/pdf/4585nyz2chw50l.pdf





So I wonder what sort of AISC ADN can achieve for Smelter Grade Alumina ( essentially a 2N or 99.0% alumina product ).

Surely for SGA they would be aiming for AISC at or below the levels above (i.e. within or perhaps below US $244 to US $288 per tonne range). They would need adequate margins to wear periodic downturns in SGA price. There is much greater volatility than for Kaolin.