Ann: Alumina Limited 2022 Sustainability Update, page-4

AWC is very cyclical and they're "meant to" have some of the lowest cost assets, so normally it makes sense to load up when they're losing money and share price depressed. Eventually supply is taken out of the market by high cost assets stopping production.

However, the current issue is regulatory in WA and to do with their bauxite mining operations. If they do not get the regulatory approvals, then the quality of their assets becomes average to poor.

Also, if you've looked at the average FCF of AWC over the cycle, even when you're buying it at cyclical lows, its never insanely cheap on a EV/FCF multiple.