AWC Alcoa AWAC relationship, page-2

The below is as far as I know.

Does AWC have any assets or operations outside of AWAC. - No
Does Alcoa have any assets or operations outside of AWAC. - Yes. Smelters in Europe, US, Canada.
Does AWC derive all its income from AWAC via dividend payments from AWAC - Yes
Does Alcoa derive all its income from AWAC - No. But depending on the cycle it may derive most of it (i.e. if Aluminium price is low and Alumina is high).
Does Alcoa derive any income from sources external to AWAC. - Yes. Other smelters, etc.

Hope this helps.