This report on Form 6-K includes press releases of Alumina Limited made during the period August 1, 2007 to
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
ALUMINA LIMITED
| By: |
/s/ Stephen Foster |
|
| Name: | Stephen Foster | |
| Title: | Company Secretary | |
| Date: | October 23, 2007 |
To: The Manager
Announcements
Company Announcements Office
Australian Stock Exchange
Public Announcement 2007 – 25AWC
Please find attached for immediate release, a public announcement concerning directors’ interests.
|
/s/ Stephen Foster |
|
Stephen Foster Company Secretary |
| 9 August 2007 |
| Alumina Limited |
| ABN 85 004 820 419 |
| GPO Box 5411 |
| Melbourne Vic 3001 |
| Australia |
| Level 12 IBM Centre |
| 60 City Road |
| Southbank Vic 3006 |
| Australia |
| Tel +61 (0)3 8699 2600 |
| Fax +61 (0)3 8699 2699 |
| Email info@aluminalimited.com |
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity | Alumina Limited | |
|
ABN |
85 004 820 419 | |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
Donald Marshall Morley | |
|
Date of last notice |
16 February 2007 |
|
Part 1-Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Indirect | |
|
Nature of indirect interest (including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest. |
Securities held by spouse – Mrs Jane Morley | |
| Date of change | 3 August, 2007 | |
| No. of securities held prior to change | 422,980 fully paid ordinary shares in Alumina Limited | |
| Number acquired | 2,203 ordinary shares in Alumina Limited under the terms and conditions of the Non-Executive Director Share Plan. | |
| Number disposed | ||
|
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation |
Acquisition - $6.86 per share was paid. | |
| No. of securities held after change | 425,183 fully paid ordinary shares in Alumina Limited. | |
|
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
On 3 August 2007, acquired 2,203 ordinary shares in Alumina Limited under the terms and conditions of the Non-Executive Director Share Plan.
On 8 August 2007 Mr Morley transferred 100,000 directly held ordinary shares in Alumina Limited into The Morley Superannuation Fund. Mr Morley is a beneficiary of the Fund. |
|
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract | n/a | |
| Nature of interest | n/a | |
|
Name of registered holder (if issued securities) |
n/a | |
| Date of change | n/a | |
|
No. and class of securities to which interest related prior to change
Note: Details are only required for a contract in relation to which the interest has changed |
n/a | |
| Interest acquired | n/a | |
| Interest disposed | n/a | |
|
Value/Consideration
Note: If consideration is non-cash, provide details and an estimated valuation |
n/a | |
| Interest after change | ||
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity | Alumina Limited | |
|
ABN |
85 004 820 419 | |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
Mark Richard RAYNER | |
|
Date of last notice |
16 February 2007 |
|
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Direct | |
|
Nature of indirect interest (including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest. |
n/a | |
| Date of change | 3 August, 2007 | |
| No. of securities held prior to change | 31,176 fully paid ordinary shares in Alumina Limited | |
| Number acquired | On 3 August 2007, acquired 1,769 ordinary shares in Alumina Limited under the terms and conditions of the Non-Executive Director Share Plan. | |
| Number disposed | n/a | |
|
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation |
$6.84 per share was paid. | |
| No. of securities held after change | 32,945 fully paid ordinary shares in Alumina Limited | |
|
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
On market trade | |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract | n/a | |
| Nature of interest | n/a | |
|
Name of registered holder (if issued securities) |
n/a | |
| Date of change | n/a | |
|
No. and class of securities to which interest related prior to change
Note: Details are only required for a contract in relation to which the interest has changed |
n/a | |
| Interest acquired | n/a | |
| Interest disposed | n/a | |
|
Value/Consideration
Note: If consideration is non-cash, provide details and an estimated valuation |
n/a | |
| Interest after change | ||
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity | Alumina Limited | |
|
ABN |
85 004 820 419 | |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
Peter Algernon Franc HAY | |
|
Date of last notice |
16 February 2007 |
|
Part 1-Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Indirect | |
|
Nature of indirect interest (including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest. |
Mr. Hay is the sole director of Auxesis Investments Pty Ltd which acquired the shares in Alumina Limited under the terms and conditions of the Non-Executive Director Share Plan. | |
| Date of change | 3 August, 2007 | |
| No. of securities held prior to change | 42,006 fully paid ordinary shares in Alumina Limited | |
| Number acquired | On 3 August 2007, acquired 884 ordinary shares in Alumina Limited under the terms and conditions of the Non-Executive Director Share Plan. | |
| Number disposed | n/a | |
|
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation |
$6.84 per share was paid. | |
| No. of securities held after change | 42,890 fully paid ordinary shares in Alumina Limited | |
|
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
On market trade | |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract | n/a | |
| Nature of interest | n/a | |
|
Name of registered holder (if issued securities) |
n/a | |
| Date of change | n/a | |
|
No. and class of securities to which interest related prior to change
Note: Details are only required for a contract in relation to which the interest has changed |
n/a | |
| Interest acquired | n/a | |
| Interest disposed | n/a | |
|
Value/Consideration
Note: If consideration is non-cash, provide details and an estimated valuation |
n/a | |
| Interest after change | ||
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity | Alumina Limited | |
|
ABN |
85 004 820 419 | |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
Ronald John McNEILLY | |
|
Date of last notice |
16 February 2007 |
|
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Direct | |
|
Nature of indirect interest (including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest. |
n/a | |
| Date of change | 13 February, 2007 | |
| No. of securities held prior to change | 33,419 fully paid ordinary shares in Alumina Limited | |
| Number acquired |
On 3 August 2007, acquired 2,205 ordinary shares in Alumina Limited under the terms and conditions of the Non-Executive Director Share Plan. |
|
| Number disposed | n/a | |
|
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation |
$6.86 per share was paid. | |
| No. of securities held after change | 35,624 fully paid ordinary shares in Alumina Limited | |
|
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
On market trade | |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract | n/a | |
| Nature of interest | n/a | |
|
Name of registered holder (if issued securities) |
n/a | |
| Date of change | n/a | |
|
No. and class of securities to which interest related prior to change
Note: Details are only required for a contract in relation to which the interest has changed |
n/a | |
| Interest acquired | n/a | |
| Interest disposed | n/a | |
|
Value/Consideration
Note: If consideration is non-cash, provide details and an estimated valuation |
n/a | |
| Interest after change | ||
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity | Alumina Limited | |
|
ABN |
85 004 820 419 | |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
George John PIZZEY | |
|
Date of last notice |
8 June 2007 |
|
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Indirect | |
|
Nature of indirect interest (including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest. |
Securities held by spouse – Mrs Betty Pizzey | |
| Date of change | 3 August, 2007 | |
| No. of securities held prior to change | 13,000 fully paid ordinary shares in Alumina Limited | |
| Number acquired | On 3 August 2007, acquired 217 ordinary shares in Alumina Limited under the terms and conditions of the Non-Executive Director Share Plan. | |
| Number disposed | n/a | |
|
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation |
$6.86 per share was paid. | |
| No. of securities held after change | 13,217 fully paid ordinary shares in Alumina Limited | |
|
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
On market trade | |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract | n/a | |
| Nature of interest | n/a | |
|
Name of registered holder (if issued securities) |
n/a | |
| Date of change | n/a | |
|
No. and class of securities to which interest related prior to change
Note: Details are only required for a contract in relation to which the interest has changed |
n/a | |
| Interest acquired | n/a | |
| Interest disposed | n/a | |
|
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation |
n/a | |
| Interest after change | ||
Appendix 3Y
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
| Name of entity | Alumina Limited | |
|
ABN |
85 004 820 419 | |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
|
Name of Director |
John MARLAY | |
|
Date of last notice |
16 February 2007 |
|
Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Direct or indirect interest | Indirect | |
|
Nature of indirect interest (including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest. |
Beneficial entitlements to shares held by the John and Judith Marlay Superannuation Fund. Mr Marlay is a beneficiary of the Fund. | |
| Date of change | 7 August 2007 | |
| No. of securities held prior to change |
40,000 fully paid ordinary shares in Alumina Limited under the John and Judith Marlay Superannuation Fund – indirectly held
50,338 fully paid ordinary shares in Alumina Limited vested and indirectly held via the Alumina Employee Share Plan.
36,250 and 68,024 fully paid ordinary shares in Alumina Limited not vested and indirectly held subject to future performance testing under the Alumina Employee Share Plan. |
|
| Number acquired | 8,000 fully paid ordinary shares in Alumina Limited | |
| Number disposed | Nil | |
|
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation |
$6.75 was paid | |
| No. of securities held after change |
48,000 fully paid ordinary shares in Alumina Limited indirectly held via the John and Judith Marlay Superannuation Fund.
50,338 fully paid ordinary shares in Alumina Limited vested and indirectly held via the Alumina Employee Share Plan.
36,250 and 68,024 fully paid ordinary shares in Alumina Limited not vested and indirectly held subject to future performance testing under the Alumina Employee Share Plan. |
|
|
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
8,000 fully paid ordinary shares acquired on market by the trustee of the John and Judith Marlay Superannuation Fund. Mr Marlay is a beneficiary of the Fund. | |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
| Detail of contract | ||
| Nature of interest | ||
|
Name of registered holder (if issued securities) |
||
| Date of change | ||
|
No. and class of securities to which interest related prior to change
Note: Details are only required for a contract in relation to which the interest has changed |
||
| Interest acquired | ||
| Interest disposed | ||
|
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation |
||
| Interest after change | ||
To: The Manager
Announcements
Company Announcements Office
Australian Stock Exchange
Public Announcement 2007 – 26AWC
Attached is a copy of a presentation to the Melbourne Mining Club by Alumina Limited’s CEO Mr John Marlay.
|
/s/ Stephen Foster |
|
Stephen Foster Company Secretary |
| 22 August 2007 |
| Alumina Limited |
| ABN 85 004 820 419 |
| GPO Box 5411 |
| Melbourne Vic 3001 |
| Australia |
| Level 12 IBM Centre |
| 60 City Road |
| Southbank Vic 3006 |
| Australia |
| Tel +61 (0)3 8699 2600 |
| Fax +61 (0)3 8699 2699 |
| Email info@aluminalimited.com |
ALUMINA
LIMITED
Outlook for Aluminium
John Marlay, CEO, Alumina Limited 22 August 2007
THE MELBOURNEMINING CLUB
ALUMINA
LIMITED
Aluminium Industry Dynamics
Rapid growth in global consumption
China – self sufficiency accelerating
Brazil, India, Russia – consumption growing
New capacity growth – capital cost escalation
Energy – higher long term costs, plus carbon
Alumina and aluminium cost curves have moved up
Outlook for long term prices
Bauxite supply capacity – now stretched
Industry consolidation – continuing
ALUMINA
LIMITED
Aluminium Industry Dynamics
The massive escalation in prices, as well as costs of building new capacity, has rendered previous assumptions about long run prices embarrassingly redundant. The mining industry (and the investment banking community) is floundering with respect to what the appropriate basis to forecast long run prices should be
Macquarie Commodities Research – August 2007
ALUMINA
LIMITED
Aluminium Production Cycle
End-use Products
Bauxite
Alumina
Aluminium
Refining
Smelting
Manufacturing
4-5 tonnes
2 tonnes
1 tonne
Recycling
ALUMINA
LIMITED
Why Aluminium?
Mechanical Properties: light, easy to form, machine and cast, high strength alloys
Conductivity: high thermal and electrical conductivity
Corrosion Resistance: most alloys very corrosion resistant
Decorative: silvery white and reflective
Impermeable and Odourless: packaging food and pharmaceuticals
Recyclable: 100%, no properties lost, energy 5%
ALUMINA
LIMITED
Aluminium & Aerospace: strong growth
1903 Wright Brothers’ Flyer: aluminium engine
1920 Junkers F13: first all-aluminum airplane
1990 Space Shuttle: aluminium components
2006 Airbus 380 65% aluminium (175mt)
2024: World fleet will more than double
ALUMINA
LIMITED
Aluminium & Architecture: strong growth
Attractive, light and strong
Low maintenance
Innovative assembly methods
Long service life
Easy to recycle construction scrap and end of life
ALUMINA
LIMITED
Aluminium & Land Transport: strong growth
Aluminium content in autos doubled in 10 years now ~120kg
Aluminium lightweighting saves energy and emissions in auto, rail, aerospace, etc
ALUMINA
LIMITED
Aluminium & GHG Emissions
PFC Emissions Down 76%
Tonnes CO2 equivalent per tonne of aluminium produced
Voluntary Objective
4.42
1.04
0.88
0
1
2
3
4
5
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
Source: IAI
Target – 80% reduction from 1990 levels
Aluminium Products – Declining GHG Emissions
Tonnes CO2 equivalent per tonne aluminium
12
11.3
10
9.6
8.9
8
7.7
6.8
2
6
4
2
0
1950
1990
2000
2010
2020
GHG intensity of aluminium shipments - Source: IAI
Lower emissions from smelters
Improved energy efficiency
Increased use of recycled metal
ALUMINA
LIMITED
Recycling aluminium conserves energy
Energy Consumption
100
80
Percent
60
40
20
0
Primary Metal Production
Recycled Metal
Recycling aluminium uses 95% less energy than primary aluminium production
Recycling aluminium saves an estimated 84 million tonnes of GHG per year
ALUMINA
LIMITED
Vehicle lightweighting – emissions reductions offset primary aluminium emissions
Mmt CO2 equivalents
600
500
400
300
200
100
0
1990
1995
2000
2010
2015
2020
Vehicle lightweighting avoided emissions from production of aluminium
Potential GHG savings from vehicle lightweighting
Total GHG emissions from aluminium production (primary and recycled sources)
Source: IAI
ALUMINA
LIMITED
Demand growth – more than just China
Aluminium Consumption
2007 Growth Rates
China 32.4%
North America 0.0%
Europe 3.0%
Latin America 4.4%
Asia w/o China 4.5%
CIS 4.7%
World 10.0%
0%
5%
10%
15%
20%
25%
30%
35%
Source: Alocoa, June 2007
ALUMINA
LIMITED
Global Aluminium Demand – forecast to double by 2020
‘000 tonnes
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
2005
2007
2009
2011
2013
2015
2017
2019
Source: WBMS, Macquarie Research, July 2007
ALUMINA
LIMITED
China – on an established development path
Primary Aluminium Demand
16
14
12
10
8
6
4
2
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
China 1994=Yr1
Taiwan 1970= Yr1
Korea 1970= Yr1
Japan 1954= Yr1
Year from which GDP per Capita at PPP reached approximately US$3000
Source: Alcoa, June 2007
ALUMINA
LIMITED
China growth potential
20006 Total Aluminum (kg/capita)
40 35 30 25 20 15 10 5 0
Germany
Japan USA Canada Italy France Spain China Mexico Russia Turkey Brazil South Africa Argentina Indonesia India Philippines
33.8 32.9 31.7 30.5 28.1 20.8 18.3 8.5 8.0 8.0 6.0 5.7 4.5 4.3 3.9 1.1 1.0 0.9
Source Data: Alcan, February 2007
ALUMINA
LIMITED
Rising costs of new capacity
Average Cost Per Tonne of Alumina Capacity (2004-2007)
Average Cost Per Tonne of Aluminium Capacity Global Average (2005—2007)
Cost(US$ /t)
1,200
1,000
800
600
400
200
0
2004
2005
2006
2007
Average—Global
Average— Global ex China
Cost(US$ /t)
5,000
4,000
3,000
2,000
1,000
2005
2006
2007
Source: Industry Periodicals
ALUMINA
LIMITED
A new world order on energy
Increasing impact of CO2e
Lifting the cost curve for alumina/aluminium
Smelters migrating to stranded power sources
ALUMINA
LIMITED
Aluminium in demand for lightweighting
AUD, CAD and BRL – stronger against USD
AUD / USD (2002-2007)
0.90 0.80 0.70 0.60 0.50 0.40
Aug 02
Aug 03
Aug 04
Aug 05
Aug06
Aug 07
CAD / USD (2002-2007)
1.00 0.90 0.80 0.70 0.60 0.50
Aug 02
Aug03
Aug 04
Aug05
Aug 06
Aug 07
BRL / USD (2002-2007)
0.60 0.50 0.40 0.30 0.20 0.10 0.00
Aug 02
Aug 03
Aug 04
Aug 05
Aug 06
Aug 07
Source: Bloomberg, IRESS
ALUMINA
LIMITED
Alumina refinery input costs
Bauxite Costs
US $ /t
37
35
33
31
29
27
25
2002
2003
2004
2005
2006
Freight Costs
US $/t
15
12
9
6
2002
2003
2004
2005
2006
Caustic Costs
US $ /t
300
250
200
150
100
2002
2003
2004
2005
2006
Source: Brook Hunt
ALUMINA
LIMITED
China demand driving tighter bauxite market
China’s Alumina Production
Other
Chalco
Alumina Production (ktpa)
20000
15000
10000
5000
2002 2003 2004 2005 2006 2007
Source: Brook Hunt
China’s Bauxite Imports
Figure 67 China’s Bauxite Imports
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Source: Chinese Customs Data
ALUMINA
LIMITED
Higher long term aluminium prices
Driven by a new cost environment
Higher raw material costs Increasing energy prices
Currency appreciation Construction cost escalation
Supply chain constraints
High cost marginal production capacity
Support a high price environment
ALUMINA
LIMITED
Alumina refinery capacity consolidating
Refinery Capacity Top 15 (2002)
Alumina Capacity (ktpa)
16000 12000 8000 4000 0
AWAC
Chalco
Alcan
BHP Billiton
Glencore
Kalser
Rio Tinto
Russian Aluminium
Government of Venezuela
Pechiney
SUAL
BPU Reynolds
Hydro Aluminium
Nalco
Hindustan Aluminium
Refinery Capacity Top 15 (2007)
Alumina Capacity (ktpa)
4000
8000
12000
16000
AWAC
UC Rusal
Rio Tinto + Alcan
Chalco
BHP Billiton
Xinfa Aluminium Electrical
CVRD
Hydro Aluminium
Government of Venezuela
Nalco
Hindustan Aluminium
Minmetals
Dadco
CBA
Vedanta Resources
Source: Brook Hunt;
* UC Rusal refinery assets include Sual, Rusal and Glencore
ALUMINA
LIMITED
Consolidation in smelting continues
Smelter Capacity Top 15 (2002)
Aluminium Capacity (ktpa)
5000 4000 3000 2000 1000 0
Alcoa Russlan Aluminium
Alcan Hydro Aluminium BHP Billiton Pechiney Private & Other Rio Tinto Chalco SUAL Dubal Aluminium Government of Venezuela Century Aluminum Bahraini Government. Tajik Government
Smelter Capacity Top 15 (2007)
Aluminium Capacity (ktpa)
5000
4000
3000
2000
1000
0
Rio Tinto + Alcan UC Rusal Aloca Chalco Hydro Aluminium BHP Aluminium Century Aluminum Bahraini Government
Government of China
Government of Benazuala
Government of India
East Hope
Hindustan Aluminium
Qingtongxia Aluminium
Source: Brook Hunt;
* UC Rusal smelter assets include Sual and Rusal assets
ALUMINA
LIMITED
Aluminium sector consolidation
Larger deals, higher values
1 Year EBITDA Forward Multiple
15x
12x
9x
6x
3x-x
- x
3x
6x
9x
12x
15x
Historic EBITDA Multiple
Source: Bloomberg; historic broker reports
ALUMINA
LIMITED
Aluminium industry fundamentals are strong
Consumption projected to double by 2020
Consumption growth driven by China
Supply growth required – 3x growth rate in past 20 years
Industry consolidation drivers:
long life, quality bauxite
sustainable low cash cost position
long term low cost energy
ALUMINA
LIMITED
AWAC is well positioned to grow
San Ciprian
Point Comfort
Clarendon
Guinea
Suriname
Trombetas
Juruti
Sao Luis
Kwinana Huntly Pinjarra Willowdale Wagerup
Portland Point Henry
Approx 20% of global refining capacity
Long life, quality bauxite resources
Low operating cost
Production close to major markets
Long term supply contracts with blue chip customers
ALUMINA
LIMITED
Questions
THE MELBOURNEMINING CLUB
ALUMINA
LIMITED
To: The Manager
Announcements
Company Announcements Office
Australian Stock Exchange
Public Announcement 2007 – 27AWC
Attached is a copy of a statement by Alcoa Inc in relation to damage caused by Hurricane Dean to Alcoa World Alumina & Chemicals’ Jamalco alumina refinery in Clarendon, Jamaica.
Alcoa World Alumina and Chemicals is a global joint venture between Alumina Limited ( 40%) and Alcoa ( 60%).
|
/s/ Stephen Foster |
|
Stephen Foster Company Secretary |
| 23 August 2007 |
| Alumina Limited |
| ABN 85 004 820 419 |
| GPO Box 5411 |
| Melbourne Vic 3001 |
| Australia |
| Level 12 IBM Centre |
| 60 City Road |
| Southbank Vic 3006 |
| Australia |
| Tel +61 (0)3 8699 2600 |
| Fax +61 (0)3 8699 2699 |
| Email info@aluminalimited.com |
Jamalco Refinery Remains Closed; Assessing Damage From Hurricane Dean; Company Declares Force Majeure
NEW YORK—(BUSINESS WIRE)—Alcoa (NYSE:AA) announced today that production at the 1.4 million metric ton Jamalco alumina refinery in Clarendon, Jamaica remains halted while the company assesses damage caused by Hurricane Dean. Alcoa temporarily curtailed production at the refinery last Saturday as a safety measure in advance of the hurricane.
Preliminary reports indicate that the port from which Jamalco ships alumina did sustain substantial damage in the storm. The bauxite mine and refinery suffered less damage, but are not operational due to loss of power. A more complete assessment of the damages and the duration of the stoppage are being conducted.
In light of the temporary shutdown of the facility, damage to the port, and likely resulting delays in shipments, the company has declared force majeure to its customers.
Re-start schedule, production lost and financial impact will be reported after a comprehensive assessment can be safely concluded.
Jamalco is 55 percent owned by Alcoa World Alumina and Chemicals and 45 percent owned by the Government of Jamaica. Alcoa World Alumina and Chemicals is a global alliance between Alcoa and Alumina Ltd., with Alcoa holding 60 percent.
www.alcoa.com
To: The Manager
Announcements
Company Announcements Office
Australian Stock Exchange
Public Announcement 2007 – 28AWC
Attached is a copy of a presentation to be made to analysts and investors by Alumina Limited’s CEO Mr John Marlay at the University Club of Western Australia on Monday, 22 October.
|
/s/ Stephen Foster |
|
Stephen Foster Company Secretary |
| 22 October 2007 |
| Alumina Limited |
| ABN 85 004 820 419 |
| GPO Box 5411 |
| Melbourne Vic 3001 |
| Australia |
| Level 12 IBM Centre |
| 60 City Road |
| Southbank Vic 3006 |
| Australia |
| Tel +61 (0)3 8699 2600 |
| Fax +61 (0)3 8699 2699 |
| Email info@aluminalimited.com |
ALUMINA LIMITED
Outlook for Aluminium
John Marlay
Chief Executive Officer
22 October 2007
Disclaimer
Some statements in this release are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those containing such words as “anticipate”, “estimates”, “should”, “will”, “expects”, “plans” or similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual outcomes to be different from the forward-looking statements. Important factors that could cause actual results to differ from the forward-looking statements include: (a) material adverse changes in global economic, alumina or aluminium industry conditions and the markets served by AWAC; (b) changes in production and development costs and production levels or to sales agreements; (c) changes in laws or regulations or policies; (d) changes in alumina and aluminium prices and currency exchange rates; and (e) the other risk factors summarised in Alumina’s Form 20-F for the year ended 31 December 2006
ALUMINA LIMITED
Aluminium Industry Dynamics
Rapid growth in global consumption
China – driving strong global consumption
Brazil, India, Russia – also growing strongly
New capacity growth – capital cost escalation
Energy – higher long term costs, plus carbon
Alumina and aluminium cost curves have moved up
Bauxite supply capacity – now stretched
Prices – long term strength
ALUMINA LIMITED
Aluminium & GHG Emissions
PFC Emissions Down 76%
Tonnes CO2 equivalent per tonne of aluminium produced
Voluntary Objective
0
1
2
3
4
5
4.42
0.96
0.88
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
Source: IAI
Target – 80% reduction from 1990 levels
Aluminium Products – Declining GHG Emissions
Tonnes CO2 equivalent per tone aluminium
11.3
9.6
8.9
7.7
6.8
12
10
8
6
4
2
0
1950
1990
2000
2010
2020
GHG intensity of aluminium shipments - Source: IAI
Lower emissions from smelters
Improved energy efficiency
Increased use of recycled meta
ALUMINA LIMITED
Vehicle lightweighting – emissions reductions offset primary aluminium emissions
Mmt CO2 equivalents
600
500
400
300
200
100
0
Vehicle lightweighting avoided emissions from
production of aluminium
1990
1995
2000
2010
2015
2020
Potential GHG savings from vehicle lightweighting
Total GHG emissions from aluminium production (primary and recycled sources)
Source: IAI
ALUMINA LIMITED
Demand growth – more than just China
2007 Projected Growth Rates
2007 Projected Consumption (000 MT)
China
35.8%
11,900
North America
-6.0%
6,950
Europe
3.2%
8,160
Asia w/o China
5.2%
6,615
Latin America
7.8%
1,270
CIS
9.9%
980
World
10.0%
38,015
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Source: Alcoa, October 2007
ALUMINA LIMITED
Global Aluminium Demand – forecast to double by 2020
90000
80000
70000
60000
‘000 tonnes
50000
40000
30000
20000
10000
0
2005
2007
2009
2011
2013
2015
2017
2019
Source: WBMS, Macquarie Research, July 2007
ALUMINA LIMITED
Rising costs of new capacity
Average Cost Per Tonne of Alumina Capacity (2004-2007)
Cost (US$/t)
1,200
1,000
800
600
400
200
0
2004
2005
2006
2007
Average Cost Per Tonne of Aluminium Capacity Global Average (2005 - 2007)
Cost (US$/t)
5,000
4,000
3,000
2,000
1,000
0
2005
2006
2007
Average - Global Average - Global ex China
Source: Industry Periodicals
ALUMINA LIMITED
A new world order on energy
Increasing impact of CO2e
Lifting the cost curve for alumina/aluminium
Smelters migrating to stranded power sources
Aluminium in demand for lightweighting
ALUMINA LIMITED
AUD, CAD and BRL – stronger against USD
AUD / USD (2002-2007) CAD / USD (2002-2007)
0.90
1.00
0.80
0.90
0.70
0.80
0.60
0.70
0.50
0.60
0.40
0.50
Aug 02
Aug 03
Aug 04
Aug 05
Aug 06
Aug 07
BRL / USD (2002-2007)
0.60
0.50
0.40
0.30
0.20
0.10
0.00
Source: Bloomberg, IRESS
ALUMINA LIMITED
Alumina refinery input costs
Bauxite Costs
US$/t
37
35
33
31
29
27
25
2002
2003
2004
2005
2006
Freight Costs
US$/t
15
12
9
6
2002
2003
2004
2005
2006
Caustic Costs
US$/t
300
250
200
150
100
2002
2003
2004
2005
2006
Source: Brook Hunt
ALUMINA LIMITED
China demand driving tight bauxite market
China’s Alumina Production
Alumina production (ktpa)
Other
Chalco
20000
15000
10000
5000
2002
2003
2004
2005
2006
2007
Source: Brook Hunt
China’s Bauxite Imports
Figure 67 China’s Bauxite Imports
tonnes
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Source: Chinese Customs Data
ALUMINA LIMITED
Higher long term aluminium prices
Driven by a new cost environment
Higher raw material costs Increasing energy prices
Currency appreciation Construction cost escalation
Supply chain constraints
High cost marginal production capacity
Support a high price environment
ALUMINA LIMITED
Aluminium industry fundamentals are strong
Consumption projected to double by 2020
Consumption growth driven by China
Supply growth required – 3x growth rate in past 20 years
Industry consolidation drivers:
long life, quality bauxite
sustainable low cash cost position
long term, low cost energy
ALUMINA LIMITED
AWAC is well positioned to grow
Approx 19% of global refining capacity
Long life, quality bauxite resources
Low operating cost
Production close to major markets
Long term supply contracts with blue chip customers
San Ciprian
Guinea
Kwinana
Huntly
Pinjarra
Willowdale
Wagerup
Portland
Point Henry
Point Comfort
Clarendon
Suriname
Trombetas
Juruti
Sao Luis
ALUMINA LIMITED
Alumina Market Update
Alumina market
Balanced to modest surplus through 2007
Slower ramp up of brownfield capacity expansions
China alumina production capacity growth continues, imports of alumina remain robust
Spot alumina prices reflect more balanced supply/demand
Traded bauxite market remains tight
ALUMINA LIMITED
AWC 2007 Outlook
AWAC alumina prices to follow approx 60 day lag to LME price
AWAC production – approx 2% higher in second half
2H 2007 – stronger A$ and higher energy costs
Hurricane Dean impact for Jamalco, AWAC bauxite mine development costs – approx A$14m in 2H 2007 (AWC NPAT basis)
ALUMINA LIMITED
Alumina Limited – proven performance
Underlying Earnings / NPAT A$M
316
316
316
331
569
511
284
271
2004
2005
2006
1H07
Dividends cents/share
22
20
20
12
2004
2005
2006
1H07
Franked
Unfranked
ROE %
35
33
32
29
22
22
21
22
2004
2005
2006
1H07
EPS Ac
49
44
27
27
29
23
25
2004
2005
2006
1H07
NPAT
Underlying Earnings
ALUMINA LIMITED
ALUMINA LIMITED
Questions