May 20 (Reuters) - Alumina Ltd (AWC) : FINANCIAL PERFORMANCE IN...

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