In 2007, Alcoa entered into an agreement with ARC Energy in which Alcoa pre-paid $40 million to support ARC Energys gas exploration program in the Canning Basin. This Agreement was transferred to Buru Energy following its demerger from Arc Energy in August 2008.
In 2008 Alcoa and Latent Petroleum consolidated a joint venture partnership which could change the energy supply landscape of Western Australia.
Alcoas stalled alumina refinery expansion in Western Australia will not be back on the agenda until we can secure long-term competitive gas supply, Michaela Southby, a Perth- based spokeswoman for the biggest U.S. aluminum producer, said in an e-mailed response to questions. The project may cost $4 billion, according to a 2008 estimate by ABN Amro Holding NV.
TSV Price at posting:
1.4¢ Sentiment: Hold Disclosure: Held
