Alumina Gets $34m from AWAC in June Qtr

Miner and metals producer Alumina has received $34.2 million by way of dividends, distributions and capital returns during the June quarter as its share from the AWAC joint venture with Alcoa.

The Australian company holds a 40 per cent stake in the JV.

"Second quarter margins benefitted from higher API prices and further productivity gains as well as the closure of higher cost capacity," Alumina chief executive Peter Wasow said.

AWAC's quarterly production of alumina was unchanged from the previous quarter at 3.2 million tonnes.

Overnight, Alcoa reported a lower quarterly profit as falling aluminum and alumina prices pressured revenue while plant operations were scaled back ahead of a spinoff of its traditional smelting business later this year.

Alumina has been sparring with its larger partner for months over the terms of the JV agreement and in May the two companies took their dispute to a Delaware court. The court has set a trial date of September 20.