Alumina Limited


Since the formation of the Alcoa World Alumina and Chemicals (AWAC) partnership in 1995, AWAC has delivered more than A$3.5 billion in dividends and capital returns to Alumina Limited.

In 2004 and 2005 cash dividends paid to Alumina Limited were lower due to AWAC's cashflow being partially utilised to fund capital expenditure.

AWAC dividend policy

AWAC's dividend policy is governed by the terms of the AWAC Agreements. Under the agreements amended in September 2016 resulting from Alcoa Inc’s separation into Alcoa Corporation (Alumina’s new joint venture partner) and Arconic LLC, Alumina will benefit from enhanced debt funding and distribution policies. The AWAC joint venture will pay a minimum quarterly distribution of 50% of the prior quarter’s net profit of each company comprising the AWAC joint venture, instead of the pre-separation arrangement of payment of an annual dividend equal to 30% of ATOI. Furthermore, any surplus cash (as defined in the Agreements) within certain of the AWAC companies will be distributed on a quarterly basis.


AWAC is the world's largest alumina producer with approximately 15% of world production capacity.

AWAC's alumina production capacity at 2014 is approximately 17.2 million tonnes.  AWAC expects to produce and sell 15.2 million tonnes in 2015, subject to market conditions.