Alumina was founded in December 2002 when
Western Mining Corporation spun off its
aluminium and
bauxite assets. Alumina's only business activity is as the owner of a 40% share in
Alcoa World Alumina & Chemicals (AWAC), a joint venture with
Alcoa. AWAC owns two bauxite mines and three
refineries (to extract aluminium oxide from bauxite) in
Western Australia and owns a
smelter (to extract pure aluminium) and has a 55% interest in the
Portland aluminium smelter. AWAC also operates and has interests in Brazil, Guinea, Saudi Arabia and Spain. In 2016, Alumina Limited achieved great short term authority over its interest in AWAC with more influence over a broader suite of operational and investment decisions. Having been
cross-listed on both the
Australian Securities Exchange (ASX) and
New York Stock Exchange (NYSE), Alumina delisted from the NYSE in February 2014, consolidating on the ASX. In February 2024,
Alcoa announced it would acquire Alumina for $2.2 billion in an all-stock deal. As part of the deal Alcoa would gain full ownership of AWAC. The acquisition was completed in August. ==References==