Alumina Limited (ASX: AWC) ('Alumina') today reported a statutory net loss after tax of US$43m for the half-year to 30 June 2023 compared to a net profit after tax of $168m for the first half of 2022.

The Company did not declare an interim dividend.

Alumina Limited's CEO, Mike Ferraro, said 'Alumina had a difficult first half and continues to face significant uncertainty due to ongoing delays with mining permits in WA. While AWAC did see lower costs in parts of our portfolio during the first half through softening energy prices, the impact of lower grade bauxite in WA meant our overall cash cost per tonne increased compared to the second half of 2022.'

'The alumina price had strong support at the start of 2023, increasing to $371/t in February, before declining at the end of the half on the back of weak aluminium demand outside China and lower industry costs of production. Prices have risen again in the last 3 weeks, reflecting the tight global balance for alumina and a recovery in aluminium production in China.' 'Alcoa is continuing to work with a range of WA Government agencies on the approvals required for it to operate our WA mines which in turn supply bauxite to our WA alumina refineries. We are operating in a complex regulatory environment where there is no certainty as to timeframes or outcomes and the potential impacts on the business are unclear. AWAC is currently processing lower grade bauxite within areas already permitted under Mine Management Plans at the Huntly Mine in WA, resulting in both higher costs and lower production.' 'Despite the current impacts of this unresolved permitting process in WA, the longer-term outlook for the alumina market remains positive, with the anticipated growth in aluminium metal consumption driven by de-carbonisation.'

Contact:

Tel: +61 413 013 533

Email: craig.evans@aluminalimited.com

About AWAC & Alcoa's Earnings Release

Alumina Limited owns 40% of each of the AWAC entities, which form a part of the Alcoa bauxite & alumina business segments. The Alcoa aluminium business segment includes the AWAC Portland smelting operations. Any closed operations are included in Transformation & legacy pension/OPEB. Therefore, the AWAC results cannot be directly inferred from the Alcoa earnings release. The AWAC financial information presented has been extracted from unaudited combined financial statements prepared in conformity with accounting principles generally accepted in the United States of America ('US GAAP').

Forward-looking statements

This document may contain certain forward-looking statements, including forwardlooking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. The words 'anticipate', 'aim', 'believe', 'expect', 'project', 'estimate', 'forecast', 'intend', 'likely', 'should', 'could', 'will', 'may', 'target', 'plan' and other similar expressions (including indications of 'objectives') are intended to identify forward-looking statements. Indications of, and guidance on, future financial position and performance and distributions, and statements regarding Alumina Limited's future developments and the market outlook, are also forward-looking statements.

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